Gold Futures Surge On Global Cues, Silver Above Rs 62,000

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Domestic spot gold with a purity of 24 carats opened at Rs 48,080 per 10 grams.

Gold Price In India: Gold and silver futures traded higher on Thursday, January 13, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a February 4 delivery, were last seen 0.18 per cent up at Rs 47,893, compared to the previous close of Rs 47,808. Silver futures due for a March 4 delivery were last seen 0.27 per cent higher at Rs 62,024 against the previous close of Rs 61,856.

Domestic spot gold with a purity of 24 carats opened at Rs 48,080 per 10 grams on Thursday, and silver at Rs 61,729 per kilogram – both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).

Foreign Exchange Rates:

Globally, gold prices held near a one-week high hit in the previous session, as the U.S. dollar and Treasury yields retreated after inflation data came in line with expectations and reiterated the need for a quicker interest rate hike. Spot gold was flat at $1,825.82 per ounce. U.S. gold futures was also unchanged at $1,826.50.

Analyst View:

Ravi Singh, Vice President and Head of Research, ShareIndia: “In the current juncture, the momentum indicators like MACD, RSI and MAs are showing bullish trend in intraday and daily chart. The trend may continue and gain it’s strength on a breakout above 48,000 levels.”

He suggested, “Buy Zone above – Rs 48,000 for the target of Rs 48,500. Sell Zone below – Rs 47,600 for the target of Rs 47,400.”

Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd: “As per daily technical chart, gold and silver are looking strong. Momentum indicator RSI also cited the same in hourly as well as daily chart. So traders are advised to create fresh buy positions near given support levels. They should focus important on technical levels given for the day: February Gold closing price Rs 47,808, Support 1 – Rs 47,650, Support 2 – Rs 47,500,  Resistance 1 – Rs 47,950, Resistance 2 – Rs 48,100. March Silver closing price Rs 61,856, Support 1 – Rs 61,300, Support 2 – Rs 60,800, Resistance 1 – Rs 62,350, Resistance 2 – Rs 63,000.”

Author: desi123 is an online news portal that aims to provide the latest trendy news for Asians living in Asia and around the World.

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