Gold price in India: Gold and silver futures fell on Wednesday, December 15, based on international spot prices. On the Multi Commodity Exchange (MCX), gold futures delivered on Feb. 4 were last seen 0.1 percent lower at Rs 48,025, compared to the previous close of Rs 48,072. Silver futures with a delivery on March 4 were last 0.2 percent lower at Rs 60,694 against the previous close of Rs 60,818.
Domestic spot gold of 24-carat purity opened Wednesday for Rs 47,975 per 10 grams and silver for Rs 60,375 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) December 15, 2021
Foreign currency exchange rate:
Globally, gold prices had changed little after falling sharply in the previous session, as investors await the decision of the US central bank to accelerate the phase-out at the end of a two-day meeting later in the day. The spot price for gold held steady at $1,769.71 an ounce, after falling nearly 1 percent on Tuesday. US gold futures fell 0.2 percent to $1,769.50 an ounce.
Ravi Singh, Vice President and Head of Research, ShareIndia: The November US Producer Price Index report showed an increase of 0.8 percent from October and a rise of 9.6 percent year-on-year. The gold price fell on the back of rising inflation. All major central banks are holding monetary policy meetings this week and following the inflation report, it is highly likely that the Fed will raise interest rates and adopt an aggressive stance. The gold price is under pressure from this expectation and may remain weak for several trading sessions.”
He suggested: “Buy Zone above – Rs 48,300 for the purpose of Rs 48,500; Sell Zone below – Rs 47,900 for the purpose of Rs 47,600.”
Amit Khare, AVP – Research Raw Materials, Ganganagar Commodity Ltd.: “According to the technical chart, gold and silver are bottoming out and trading in the oversold zone. We could see a short cover rally from here any moment. Momentum indicator RSI also mentioned the same in the hourly and daily charts. Current levels are best prices So they are advised to create new longs for in small dips near certain support levels Traders should focus on key 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 Closing price March Silver Rs 60,818, Support 1 – Rs 60,000, Support 2 – Rs 59,500, Resistance 1 – Rs 61,200, Resistance 2 – Rs 61,600.