Gold Prices Today: Gold, Silver Rates Rise On Global Cues

Domestic spot gold with purity of 24 carats opened at Rs 49,439 per 10 grams.

Gold Price In India: Gold and silver futures climbed on Tuesday, November 16, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen 0.19 per cent up at Rs 49,392, compared to the previous close of Rs 49,298. Silver futures due for a December 3 delivery were last seen 0.57 per cent higher at Rs 66,940 against the previous close of Rs 66,563.

Domestic spot gold with purity of 24 carats opened at Rs 49,439 per 10 grams on Tuesday, and silver at Rs 66,679 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 gained, with worries over more persistent inflation keeping bullion’s appeal as a hedge against higher prices intact, despite a stronger U.S. dollar and elevated bond yields. Spot gold rose 0.2 per cent to $1,865.81 per ounce. U.S. gold futures were up 0.1 per cent to $1,868.40.

Analysts View:

Ravi Singh, Vice President and Head of Research, ShareIndia: “Gold future traded marginally higher yesterday taking cues from rising demand of gold globally. However, the rising US Treasury yields and increasing inflation is continuously putting pressure on Gold prices and capping the upward move. Technically also, the momentum indicators like RSI, MACD and moving averages are showing bullish trend on daily charts. The outlook of gold is positive and investors are advised to go long on every correction in gold futures.”

He suggested, “Buy Zone above – Rs 49,000 for the target of Rs 49,500; Sell Zone below – Rs 48,800 for the target of Rs 48,500.”

Amit khare, AVP – Research Commodities, Ganganagar Commodity Ltd: “Yesterday we saw some buying in bullions at lower levels, which may continue for next few trading sessions. As per technical chart, overall structure of gold and silver are positive. Momentum indicator RSI also cited the same on daily chart. So traders are advised to create fresh longs in small dips near given support levels. They should focus on important technical levels given for the day: December Gold closing price Rs 49,298, Support 1 – Rs 49,200, Support 2 – Rs 49,000, Resistance 1 – Rs 49,510, Resistance 2 – Rs 49,755; December Silver closing price Rs 66,563, Support 1 – Rs 66,300, Support 2 – Rs 65,800, Resistance 1 – Rs 67,100, Resistance 2 – Rs 67,750.”

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