Gold price in India: Gold futures traded flat on Friday, December 10, while silver futures continued to fall. On the Multi Commodity Exchange (MCX), gold futures, due to ship on Feb. 4, were last seen marginally 0.01 percent higher at Rs 47,945, compared to the previous close of Rs 47,939. Silver futures with a delivery on March 4 were last down 0.36 percent at Rs 60,580 against the previous close of Rs 60,798.
Domestic spot gold of 24-carat purity opened Friday for Rs 47,836 per 10 grams and silver for Rs 60,094 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) Dec 10, 2021
Foreign currency exchange rate:
Globally, gold prices were set for a fourth consecutive weekly decline on Friday as caution reigned over US inflation data that could prompt the Federal Reserve to accelerate its tapering off of bond purchases. Spot gold fell 0.2 percent to $1,771.51 an ounce. US gold futures fell 0.2 percent to $1,773.30.
Ravi Singh, Vice President and Head of Research, ShareIndia: Gold prices remain under pressure this week due to higher US Treasury yields and a stronger dollar. Traders look ahead to November’s US Consumer Price Index report, which is expected to rise 0.7 percent and 6.7 percent from November. percent year over year to get a clear picture of the Fed’s plan to phase out the bonds.”
He suggested: “Buy Zone above – Rs 48,000 for the purpose of Rs 48,300; Sell Zone below – Rs 47,700 for the purpose of Rs 47,300.”
Amit Khare, AVP – Research Raw Materials, Ganganagar Commodity Ltd.: “We can see tremendous volatility in the precious metals grades in December. According to the technical chart, gold and silver are trading in the oversold zone and reaching the bottom. Momentum indicator RSI also mentioned the same in the hourly and daily chart. Current levels are the best prices Therefore, they are advised to create new long positions for small dips near certain support levels.Traders should focus on key technical levels given for the day: February closing price of Gold Rs 47,939, Support 1 – Rs 47,850, Support 2 – Rs 47,700, Resistance 1 – Rs 48,100, Resistance 2 – Rs 48,332. Closing price March Silver Rs 60,798, Support 1 – Rs 60,000, Support 2 – Rs 59,340, Resistance 1 – Rs 61,200, Resistance 2 – Rs 61,550.