Gold, Silver Rates Fall On Global Cues

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Domestic spot gold with a purity of 24 carats opened at Rs 47,975 per 10 grams.

Gold Price In India: Gold and silver futures fell on Wednesday, December 15, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a February 4 delivery, were last seen 0.1 per cent down at Rs 48,025, compared to the previous close of Rs 48,072. Silver futures due for a March 4 delivery were last seen 0.2 per cent lower at Rs 60,694 against the previous close of Rs 60,818.

Domestic spot gold with a purity of 24 carats opened at Rs 47,975 per 10 grams on Wednesday, and silver at Rs 60,375 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 were little changed after a sharp drop in the previous session, as investors await the U.S. central bank decision on speeding up tapering at the end of a two-day meeting later in the day. Spot gold rates were flat at $1,769.71 per ounce after a near 1 per cent drop on Tuesday. U.S. gold futures fell 0.2 per cent to $1,769.50 per ounce.

Analyst View:

Ravi Singh, Vice President and Head of Research, ShareIndia: “US November producer price index report showed a rise of 0.8 per cent from October and a rise of 9.6 per cent, year-on-year. Gold prices pushed lower on account of increasing inflation. All of the major central banks are holding monetary policy meetings this week and after inflation report it’s most probable that Fed will hike rates and take a hawkish stance. Gold prices are under pressure on this anticipation and may remain weak for few trading sessions.”

He suggested, “Buy Zone above – Rs 48,300 for the target of Rs 48,500; Sell Zone below – Rs 47,900 for the target of Rs 47,600.”

Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd.: “As per technical chart, gold and silver are making bottom and trading at oversold zone. We can see short covering rally any time from here. Momentum indicator RSI also cited the same in hourly as well as daily chart. The current levels are the best prices for short term investors. So they are advised to create fresh longs for in small dips near given support levels. Traders should focus important technical levels given for the day: February Gold closing price Rs 48,072, Support 1 – Rs 47,900, Support 2 – Rs 47,700,  Resistance 1 – Rs 48,200, Resistance 2 – Rs 48,400. March Silver closing price Rs 60,818, Support 1 – Rs 60,000, Support 2 – Rs 59,500, Resistance 1 – Rs 61,200, Resistance 2 – Rs 61,600.

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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