Gold price in India: Gold and silver futures traded higher on Thursday, January 13, based on international spot prices. On the Multi Commodity Exchange (MCX), gold futures delivered on Feb. 4 were last up 0.18 percent at Rs 47,893, compared to the previous close of Rs 47,808. Silver futures to ship on March 4 were last up 0.27 percent at Rs 62,024 against the previous close of Rs 61,856.
Domestic spot gold of 24-carat purity opened on Thursday for Rs 48,080 per 10 grams and silver for Rs 61,729 per kilogram – both rates excluding GST (goods and services tax), according to the Mumbai-based industry association India Bullion and Jewelers Association (IBJA).
— IBJA (@IBJA1919) January 13, 2022
Foreign currency exchange rate:
Globally, gold prices remained close to a week-long high in the previous session, as US dollar and government bond yields fell after inflation data matched expectations and reiterated the need for a faster rate hike. Spot gold was flat at $1,825.82 an ounce. US gold futures also remained flat at $1,826.50.
Ravi Singh, Vice President and Head of Research, ShareIndia: “In the current situation, momentum indicators such as MACD, RSI and MAs are showing a bullish trend in the intraday and daily charts. The trend may continue and strengthen with a breakout above the 48,000 levels.”
He suggested, “Buy Zone above – Rs 48,000 for the purpose of Rs 48,500. Sell Zone below – Rs 47,600 for the purpose of Rs 47,400.”
Amit Khare, AVP – Research Raw Materials, Ganganagar Commodity Ltd: According to the daily technical chart gold and silver are looking strong. Momentum indicator RSI also mentioned the same in both hourly and daily chart. So traders are advised to create new buy positions near certain support levels. Important focus 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.”