Gold Price in India: Gold and silver futures soared on Thursday, November 25, taking cues from international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for delivery on December 3 were last seen up 0.25% to Rs 47,558, from the previous close of Rs 47,438. Silver futures due for delivery on December 3 were last seen up 0.68% to Rs 63,062 from the previous close of Rs 62,635.
Domestic spot gold of 24 karat purity opened at Rs 47,714 per 10 grams on Thursday, and silver at Rs 63,200 per kilogram – both rates excluding GST (goods and services tax ), according to the Mumbai-based industry body India Bullion and Jewelers Association (IBJA).
Foreign exchange rates:
Globally, gold prices edged up as the dollar fell, although hawkish comments from policymakers at the U.S. Federal Reserve rocked the metal’s appeal and kept it well below the dollar. $ 1,800 mark. Spot gold rose 0.2% to $ 1,791.76 an ounce, after falling to its lowest level since Nov. 4 on Wednesday. US gold futures rose 0.4% to $ 1,791.60.
Ravi Singh, Vice President and Head of Research, ShareIndia: “Comex gold prices remain subdued as robust US economic data pushed the dollar and Treasury yields higher ahead of the minutes of the November Federal Reserve meeting that could provide some indication of future interest rate hikes. In addition, the government’s proposal to increase the GST on gold jewelry from three percent to five percent will be a setback for the rebound of the jewelry industry in India. We expect gold prices to remain low until it breaks through the Rs 47,700 level in MCX. “
He suggested: “Buy the area above – Rs 47,700 for the target of Rs 48,000; Sell the area below – Rs 47,300 for the target of Rs 47,000.”
Amit Khare, Assistant Vice President – Research Commodities, Ganganagar Commodity Ltd. : “We are seeing bullion gains over the last 5-6 trading sessions. Now, current levels are the best prices for short-term investors. According to the technical chart, the overall structure of gold and silver looks positive. The RSI momentum indicator also cited the same in the hourly chart and trade in the oversold zone. Short term investors are therefore advised to create new long positions for small dips near the given support levels. They should focus on important technical levels given for the day: December closing gold price Rs 47,438, support 1 – Rs 47,200, support 2 – Rs 46,900, resistance 1 – Rs 47,670, resistance 2 – 48,000 Rs. Closing silver price in December 62,635 Rs, support 1 – 62,200 Rs, support 2 – Rs 61,700, Resistance 1 – Rs 63,000, Resistance 2 – Rs 63,520.