Gold prices in India rose on Monday, October 18, following international competitors. On the Multi Commodity Exchange (MCX), the price of gold in December rose by 0.11 per cent to Rs 47,265 at 0905 hrs on October 18 at Rs 47,265. On Monday, the price of silver also increased. The precious metal jumped 0.16 per cent to Rs 63,371 on October 18.
In the international market, gold prices rose on Monday due to the US bond yield and the softening of the dollar. Spot gold was up 0.2 per cent to $1,770.26 an ounce as of 202 GMT, while US gold futures were up 0.1 per cent to $1,770.50. The benchmark US 10-year Treasury yield eased after hitting a high of 1.5904 per cent on Monday. The dollar index dropped 0.6 percent from last week’s 2021 high.
Gold imports rose to around $24 billion during April-September 2021 due to higher demand in the country, according to commerce ministry data. The data shows imports of the yellow metal stood at $6.8 billion in the same period last year. On the other hand, silver imports declined by 15.5 per cent to $619.3 million during April-September of the current fiscal. Gold imports also rose to $5.11 billion during September this year from $601.4 million in the same month last year.
Retail sales grew 0.7 percent last month. The figures for August were revised upwards to show a growth of 0.9 per cent instead of 0.7 per cent in retail sales. However, physical gold came back at a premium in India this week as major festivals opened up jewelery buying, limiting further downside.
“There has been slight gains in gold prices internationally in Asian trade this Monday morning. However, the upside remained capped as the dollar and the 10-year benchmark moderately strengthened in Asian trade on Monday morning. Technically, the LBMA gold resistance is near the $1790 and $1810 levels. Supports are at $1760 and $1750. Considering a weak opening in overseas prices, domestic gold prices may weaken marginally from flat this Thursday morning. Technically, MCX Gold December resistance is Rs 47,550 and Rs 47,750. Support lies at Rs 47,000 and Rs 46,850,” said Sriram Iyer, senior research analyst at Reliance Securities
“International silver prices have started to strengthen marginally this Monday morning in Asian trade. Technically, the LBMA Silver range for the day is $24.70-$22.45. Looking at the prices overseas, the domestic silver prices may start from flat to marginally stronger this Monday morning. Technically, MCX Silver December range is Rs 61,200- 64,300 for the day,” Iyer said.
“Now both gold and silver are again trading in the demand zone. Overall technical charts for Gold/Silver are strong. The momentum indicator RSI is also giving the same signal. Hence traders are advised to take fresh long positions in gold and silver near the given support levels. Traders should focus on the below mentioned important technical levels for the day: December Gold closing price at Rs 47,213, Support 1 – Rs 47,050, Support 2 – Rs 46,850, Resistance 1 – Rs 47,520, Resistance 2 – Rs 47,700. December silver closing price is Rs 63,271, support 1 – Rs 62,800, support 2 – Rs 62,200, resistance Rs 1 – 63,710 resistance 2 – Rs 64,335,” said Amit Khare, AVP- Research Commodities, Ganganagar Commodity Ltd.
“According to commerce ministry data, gold imports increased annually from $6.8 billion to $24 billion during April-September 2021 due to higher demand in the country during the festive and wedding season. The correction in gold is due to profit booking and the minutes of the recently published FOMC meeting of the September 21-22 meeting, which indicated that the central bank is going to ramp up its $120 billion monthly bond purchase program starting in mid-November or mid-December. may begin to decrease. Buy Zone Above – 47,250 target Rs 47500. Buy below – Rs 47,000 target Rs 46,750,” said Ravi Singh, VP & Head of Research at ShareIndia.com.
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