gold price India Dropped sharply on Tuesday. On the Multi Commodity Exchange (MCX), the gold contract closed at Rs 47,818 with a fall of 0.20 per cent in 10 grams at 10.30 am on December 7. Silver, another precious metal, remained flat on Tuesday. Silver futures ended 0.09 per cent lower at Rs 61,213 per 100 grams.
The yellow metal prices remained flat in the international market. A strong dollar and US Treasury yields weighed on the appeal of gold in the global market. According to Reuters, spot gold was down at $1,778.79 an ounce as of 0130 GMT, while US gold futures were at $1,780.00.
Comex gold prices fell 0.16 per cent on Monday amid the US Treasury yield and a stronger dollar index. The dollar index rose 0.34 per cent on Monday amid hopes of the US Federal Reserve sharply reducing its asset purchases and a sharp increase in interest rates next year amid signs of higher inflation. The sudden rise in the dollar index has made bullion more expensive for holders of other currencies. The US benchmark 10-year Treasury yield rose to 1.39, adding to the opportunity cost of holding non-fertile bullion.
Gold prices on MCX are likely to trade in the range of Rs 47,800 to Rs 48,200 with a mixed bias on risk appetite in US markets and rise in US Treasury yields. However, a weakness in the rupee against the dollar could prevent a sharp decline, ICICI Direct Research said in a note.
Ravi Singh, Vice President and Head of Research, ShareIndia said, “Gold prices in MCX are trading on the signals of international rates. The new variant Omicron has put on hold the demand for domestic marriage till further clarity on the severity of the variant and its outbreak. Traders are weighing heavily on early tapering by the Fed, as data suggested the labor market was tightening sharply, pushing gold into choppy territory. Buy zone above – Rs 48,000 with target of Rs 48,500. Sell Zone Below – Rs 47,700 with a target of Rs 47,400.”
On the Multi Commodity Exchange (MCX), gold and silver were mixed in the trading session of December 6, with a rise of 0.02 per cent in February, the gold contract closed at Rs 47,914 per 10 grams. While March contract silver futures fell 0.40 per cent to Rs 61,516 per kg. Yesterday in February, gold made a high of Rs 48,039 again at Rs 47,830 and silver made a high of Rs 61,719 and then made a low of Rs 60,837. Nowadays we are witnessing heavy volatility in bullion and it may continue till the entire month of December,” said Amit Khare, AVP- Research Commodities, Ganganagar Commodity Limited.
According to the technical chart, both gold and silver are trading in the oversold zone. Momentum Indicator RSI also indicates this in hourly as well as daily charts, current levels are the best price for short term investors, hence short term investors are advised to look for short dips near the given support levels. To create new longs, traders should focus on the following technical levels for the day: February Gold Closing at Rs 47,914, Support 1 – Rs 47,750, Support 2 – Rs 47,500, Resistance 1 – Rs 48,055 Resistance 2 – 48,200 Rupees. March silver closing price is 61270, support 1 – Rs 60,600, support 2 – Rs 60,000, resistance 1 – Rs 62,000, resistance 2 – Rs 63,000,” Khare said.
read all breaking news, breaking news And coronavirus news Here.
,