gold price India It is hovering around Rs 48,000 on Friday. On the Multi Commodity Exchange (MCX), the gold contract rose by 0.13 per cent to Rs 48,000 on 10 grams at 9.25 am on December 10. Silver remained flat on Friday following the international trend. The precious metal futures ended 0.05 per cent lower at Rs 60,768 per 100 grams.
Globally, the price of gold rose on Friday. Spot gold rose 0.1 per cent to $1,776.23 an ounce, while US gold futures rose 0.1 per cent to $1,778.60, according to Reuters. However, the yellow metal was set for a fourth consecutive weekly decline as investors kept abreast of key US inflation data. US inflation data will come on December 10. Bullion prices have fallen 0.4 percent so far in the week. Investors were concerned that higher inflation could prompt the US Federal Reserve to accelerate the pace of cuts in its asset purchases. It should be mentioned that US jobless claims fell to their lowest level in more than 52 years last week.
“International spot gold prices edged higher in Asian trade on Friday morning as investors kept ahead of key US inflation data that could influence the Federal Reserve’s next policy move. According to a Reuters poll, the US CPI is expected to grow by 6.8 percent annually, while the core CPI is expected to grow by 4.9 percent annually. Technically, if COMEX Gold sustains below the $1780 level in February, it may continue the bearish momentum towards the $1770.50-1764.35 level. Sriram Iyer, Senior Research Analyst, Reliance Securities said, resistance lies at $1785.65-$1794.55 level.
Considering the positive opening in overseas prices, the domestic gold prices are likely to go higher this Friday. Technically, if MCX Gold trades below the February level of Rs 47,990, it may fall towards the support area of Rs 47,820-47,700. The resistance zone is at the level of Rs 48,110-48,280.
On the future of silver price, Iyer said, technically, if COMEX Silver trades below the March $22.110 level, it may see bearish momentum towards the $21.745-$21.475 level. The resistance area is near the $22.380-$22.745 level. Domestic silver prices may start flat this Thursday morning. Technically, if MCX Silver trades below Rs 60,975 level in March, then it can see bearish momentum towards Rs 60,225-59,645 levels. The resistance zone is at the level of Rs 61,550-62,305.
“Gold prices remain under pressure this week due to higher US Treasury yields and a stronger dollar. Traders are waiting for the US November Consumer Price Index report, which is expected to rise 0.7 per cent from November and 6.7 per cent year-on-year, to get a clearer understanding of the Fed’s plan for bond tapering. Buy zone above – Rs 48,000 with target of Rs 48,300. Sell zone below – Rs 47,700 with a target of Rs 47,700,” said Ravi Singh, Vice President and Head of Research, ShareIndia.
“We can see huge volatility in bullion in the month of December. As per the technical chart, both gold and silver are trading in oversold zone and trading at lower levels. Momentum Indicator RSI is also indicated in hourly as well as daily charts, current levels are the best value for short term investors, hence short term investors are advised to look for short dips near the given support levels Create new longs, traders should pay close attention to the below technical levels for the day: February Gold closing price at Rs 47,939, Support 1 – Rs 47,850, Support 2 – Rs 47,700, Resistance 1 – Rs 48,100, Resistance 2 – 48,332 Rs. March Silver closing price is Rs 60,798, Support 1 – Rs 60,000, Support 2 – Rs 59,340, Resistance 1 – Rs 61,200, Resistance 2 – Rs 61,550,” said Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd.
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