Gold, silver futures fall; Yellow metal holds Rs 48,000

Domestic spot gold of 24 carat purity opened at Rs 48,279 per 10 grams.

gold price in india Gold and silver futures declined on Monday, January 3 amid stable international spot prices. On Multi Commodity Exchange (MCX), gold futures, due for delivery February 4, were last seen at Rs 48,004, down 0.2 per cent from the previous close of Rs 48,099. Silver futures for delivery on March 4 were last closed at Rs 62,273, down 0.62 per cent from the previous closing price of Rs 62,660.

According to Mumbai-based industry body India Bullion and Jewelers Association, domestic spot gold of 24-carat purity opened on Monday at Rs 48,279 per 10 grams and silver at Rs 62,035 per kg – both GST (excluding Goods and Services Tax) rates. (IBJA).

Foreign exchange rate:

Globally, gold prices held steady on Monday as US Treasury yields offset safe-haven buying sentiment due to an Omicron-driven surge in global Covid-19 infections. Spot gold was mostly unchanged at $1,830.09 an ounce, after hitting a one-month high of $1,831.49 during the session. US gold futures rose 0.1 per cent to $1,830.30.

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Ravi Singh, Vice President and Head of Research, ShareIndia: “Amid lower volumes due to year-end holiday, gold prices are trading sideways. Strong dollar is also putting pressure on gold prices. Low volatility is expected to continue till next week.”

He suggests, “Buy above area – Rs 48,000 with target of Rs 48,300. Sell below area – Rs 47,700 target of Rs 47,500.”

Amit Khare, AVP – Research Commodities, Ganganagar Commodity Limited: “Movement may be very slow in US market due to end of year and New Year holiday. As per the daily technical chart, Gold and Silver are ready for booking some gains. Momentum indicator RSI has also shown an improvement in the hourly as well as daily This is also mentioned in the chart. Hence, traders are advised to create fresh sell positions near the given resistance levels. They should focus on the given key technical levels for the day: Gold February closing price Rs 47,839, Support 1 – Rs 47,500, Support 2 – Rs 47,300, Resistance 1 – Rs 47,950, Resistance 2 – Rs 48,100. March Silver Closing Price Rs 61,838, Support 1 – Rs 61,000, Support 2 – Rs 60,500, Resistance 1 – Rs 62,200, Resistance 2 – Rs 62,600.

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