Gold Rates Slip Marginally; Silver Prices Rise

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Domestic spot gold with purity of 24 carats opened at Rs 47,849 per 10 grams.

Gold Price In India: Gold futures fell marginally on Wednesday, December 1, while silver futures surged. On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen 0.01 per cent down at Rs 47,601, compared to the previous close of Rs 47,606. Silver futures due for a December 3 delivery were last seen 0.09 per cent higher at Rs 61,701 against the previous close of Rs 61,646.

Domestic spot gold with a purity of 24 carats opened at Rs 47,849 per 10 grams on Wednesday, and silver at Rs 62,218 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 rose as softer bond yields and uncertainty about growth amid fears over the new Omicron variant of coronavirus lifted its appeal. Spot gold rose 0.5 per cent to $1,781.86 per ounce. U.S. gold futures gained 0.3 per cent to $1,782.20.”

Analyst View:

Ravi Singh, Vice President and Head of Research, ShareIndia: “The new variant is creating an atmosphere of uncertainty  in the global market due to the possible consequences on the economic activities. Most of the developed economies are facing high inflation and slow recovery. The gold prices in this scenario will find support as US may prefer to delay the tapering decision for the time being.”

He suggested, “Buy Zone above – Rs 47,900 for the target of Rs 48,200; Sell Zone below – Rs 47,600 for the target of Rs 47,300.”

Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd.: “We are seeing huge volatility booking in bullions and this may continue for full month of December. The current levels are the best prices for short term investors. As per technical chart overall structure of gold and silver are looking positive. Momentum indicator RSI also cited the same in hourly chart and trading at oversold zone. So short term investors are advised to create fresh longs for in small dips near given support levels.”

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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