Gold futures were last trading higher by Rs 66 or 0.14 per cent - at Rs 48,265
Gold Price In India: Gold futures traded higher on Thursday, December 23, as the yellow metal mirrored trends in international markets. On the Multi Commodity Exchange (MCX), gold futures due for a February 4 delivery, were last seen trading higher by Rs 66 or 0.14 per cent - at Rs 48,265, compared to their previous close of Rs 48,199. Silver futures due for a March 4 delivery were last up 0.28 per cent at Rs 62,360 against a previous close of Rs 62,188.
#Gold and #Silver Opening #Rates for 23/12/2021#IBJApic.twitter.com/I3qKjrJwyP
— IBJA (@IBJA1919) December 23, 2021
Domestic spot gold opened at Rs 48,345 per 10 grams on Thursday, and silver at Rs 61,883 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
The safe-haven dollar languished near an almost one-week low against its major peers on Thursday as investors adopted a more optimistic stance about the global economic outlook, despite the rapid spread of the Omicron coronavirus variant.
The dollar index, which measures the currency against six rivals, stood at 96.111, not far from the overnight low of 96.020, touched for the first time since December 17
The rupee appreciated 12 paise to 75.42 against the US dollar in opening trade today, tracking a positive trend in domestic equities. Firm crude prices and continued foreign fund outflows weighed on the local unit and restricted the up move, according to forex traders.
At the interbank foreign exchange, the domestic unit opened at 75.43 and inched further to quote 75.42 against the greenback in early deals, a rise of 12 paise from the last close.
Trading Strategy:
Amit Khare, AVP- Research Commodities, Ganganagar Commodity Limited:
''Gold and silver prices were moderately higher in midday U.S. trading Wednesday. A lower U.S. dollar index, a dip in U.S. Treasury yields, and higher crude oil prices at mid-week are metals-friendly daily outside market forces. February gold was last up $9.50 at $1,798.20 and March Comex silver was last up $0.226 at $22.755 an ounce.
The key "outside markets" yesterday see Nymex crude oil prices higher and trading around $72.15 a barrel. The U.S. dollar index is lower today. Meantime, the yield on the U.S. Treasury 10-year note is presently fetching 1.467 per cent.
Gold and Silver showed up movement on the 22nd December trading session, On the Multi-Commodity Exchange (MCX), February gold contracts closed up by 0.27 per cent at Rs 48,199 for 10 grams.
short term investors are advised to create fresh longs for in small dips near given support levels, traders should focus important technical levels given below for the day:
February Gold closing price 48199, Support 1 - 48100, Support 2 - 47900, Resistance 1 - 48350, Resistance 2 - 48500.''
