Gold price in India: Gold and silver futures continued to trade higher on Friday, January 14, based on international spot prices. On the Multi Commodity Exchange (MCX), gold futures delivered on Feb. 4 were last seen 0.53 percent higher at Rs 47,990, compared to the previous close of Rs 47,736. Silver futures with a delivery on March 4 were last 0.52 percent higher at Rs 62,242 against the previous close of Rs 61,920.
Domestic spot gold with 24-carat purity opened on Friday for Rs 48,210 per 10 grams and silver for Rs 61,828 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 14, 2022
Foreign currency exchange rate:
Globally, gold prices were set for their biggest weekly gain since November, supported by a weaker dollar and lower government bond yields, as traders waited for more economic data to shed light on the Federal Reserve’s phasing out. Spot gold rose 0.3 percent to $1,827.34 an ounce and is up about 1.8 percent this week. US gold futures also rose 0.3 percent to $1,827.20.
Amit Khare, AVP – Research Raw Materials, Ganganagar Commodity Ltd: Gold and silver prices have been rising continuously in the last 3-4 trading sessions. So there is a chance of some profit posting at higher levels. Momentum indicator RSI also mentioned the same in both the hourly and daily chart. Traders are advised to book profit on the buy side and can also create new sell positions near given resistance levels. They should focus on key technical levels given for the day: February Gold closing price Rs 47,736, Support 1 – Rs 47,650, Support 2 – Rs 47,500, Resistance 1 – Rs 47,900, Resistance 2 – Rs 48,100.Closing price March Silver Rs 61,920, Support 1 – Rs 61,600, Support 2 – Rs 61,100, Resistance 1 – Rs 62,260, Resistance 2 – Rs 62,600.
Ravi Singh, Vice President and Head of Research, ShareIndia: Dollar and Treasury yields fell after US inflation came in line with expectations, putting pressure on the gold price and opening the door for an early rate hike. Gold and silver look strong on the intraday chart and may cause a breakthrough in the coming sessions.”
He suggested, “Buy Zone above – Rs 47,800 for the purpose of Rs 48,100. Sell Zone below – Rs 47,600 for the purpose of Rs 47,400.”