gold price in india A day before Diwali, Wednesday, November 3 saw a sharp drop. The yellow metal has been trading in the range of Rs 47,000 for the past few weeks. On the Multi Commodity Exchange (MCX), the price of gold fell 0.23 percent in December at Rs 47,514 per 10 grams to close at 0915 on November 3. On Wednesday, the price of silver also remained in the red zone. On November 3, the price of silver fell by 0.03 percent to Rs 63,207.
in the international market, gold prices decreased on Wednesday. All eyes were on the outcome of the US Federal Reserve policy meeting to be held on November 3. Spot gold fell 0.2 per cent to $1,784.04 an ounce, while US gold futures fell 0.2 per cent to $1,785.30, according to Reuters. Analysts expect the Fed to announce its stimulus tapering timeline on November 3.
“International gold prices are starting to weaken in Asian trade tonight as investors become cautious ahead of the outcome of tonight’s Fed meeting. Technically, if COMEX Gold trades below the December 1791.53 level, it could see a downside move towards the support area at $1774.87-$1770.73 level. The resistance area is located at the $1806.07-$1812.33 level. In view of weak overseas prices, domestic gold prices may start with a cut on Wednesday morning. Technically, if MCX Gold trades below Rs 47,700 in December, it may test the support area at Rs 47,516-47,409 levels. Sriram Iyer, Senior Research Analyst, Reliance Securities said, the resistance area is at Rs 47,807-47,991 level.
Indians usually buy gold and silver on the auspicious occasion of Diwali. Gold has been an integral part of portfolios and investors should look at it as a hedge against inflation and other economic uncertainty. With gold prices staying below Rs 48,000, investors suggested buying gold around this time. NS Ramaswamy, commodity head, Ventura Securities, said investors should buy gold in the range of Rs 47,500-48,000. The yellow metal was expected to touch Rs 52,000 by the end of this year. “Once interest rates start rising, the dollar currency will have more appeal. Thus, the yellow metal will remain in the range of Rs 50,000-52,000,” suggested the analyst.
“Comex gold fell 0.30 per cent on the back of a strong dollar index and is likely to hint at future interest rate hikes amid rising inflationary pressure ahead of a crucial US Federal Reserve meeting. The US benchmark 10-year Treasury yield declined 2.54 per cent to 1.53 per cent, reducing the opportunity cost of holding non-yielding bullion, ICICI Securities said in a note.
“Gold was almost 6 per cent cheaper than last year on Dhanteras, which has encouraged people to buy the precious metal on this festival. According to commerce ministry data, gold imports rose to $24 billion in the April-September period, nearly four times the imports of $6.8 billion in the same period last year. Jewelery stores have witnessed a significant increase in customer footfalls and sales volumes of around 30% as compared to the previous year. We expect gold prices in MCX to remain in a limited range till the Fed’s meeting. Buy Zone Above – Rs 47,900 with target of Rs 47,600
Sell zone below – 47,000 for a target of Rs 47,300,” said Ravi Singh, Vice President and Head of Research, ShareIndia.
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