Home Business Gold, Silver Rates Surge On Global Cues

Gold, Silver Rates Surge On Global Cues


Gold prices slipped to its lowest since November 4.

Gold Price In India: Gold and silver futures climbed on Thursday, November 25, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen 0.25 per cent up at Rs 47,558, compared to the previous close of Rs 47,438. Silver futures due for a December 3 delivery were last seen 0.68 per cent higher at Rs 63,062 against the previous close of Rs 62,635.

Domestic spot gold with purity of 24 carats opened at Rs 47,714 per 10 grams on Thursday, and silver at Rs 63,200 per kilogram – both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).

Foreign Exchange Rates:

Globally, gold prices edged up as the dollar eased, although hawkish comments by U.S. Federal Reserve policymakers dented the metal’s appeal and kept it well below the key $1,800 mark. Spot gold rose 0.2 per cent to $1,791.76 per ounce, after slipping to its lowest since November 4 on Wednesday. U.S. gold futures added 0.4 per cent to $1,791.60.

Analyst View:

Ravi Singh, Vice President and Head of Research, ShareIndia: “Comex gold prices remain subdued as robust U.S. economic data lifted the dollar and Treasury yields ahead of minutes from the Federal Reserve’s November meeting that could provide cues on future interest rate hikes. Also, the government’s reported proposal to hike GST on gold jewellery to five per cent from three per cent will be a setback to the rebounding jewellery industry in India. We expect gold prices to remain weak till it crosses the level of Rs 47,700 in MCX.”

He suggested, “Buy Zone above – Rs 47,700 for the target of Rs 48,000; Sell Zone below – Rs 47,300 for the target of Rs 47,000.”

Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd.: “We are seeing profit booking in bullions since last 5-6 trading sessions. Now the current levels are the best prices for short term investors. As per technical chart overall structure of gold and silver are looking positive. Momentum indicator RSI also cited the same in hourly chart and trading at oversold zone. So short term investors are advised to create fresh longs for in small dips near given support levels. They should focus on important technical levels given for the day: December Gold closing price Rs 47,438, Support 1 – Rs 47,200, Support 2 – Rs 46,900, Resistance 1 – Rs 47,670, Resistance 2 – Rs 48,000. December Silver closing price Rs 62,635, Support 1 – Rs 62,200, Support 2 – Rs 61,700, Resistance 1 – Rs 63,000, Resistance 2 – Rs 63,520.





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