Gold Rates Today: Domestic spot gold opened at Rs 48,255 per 10 grams on Tuesday
Gold Price In India: Gold futures traded higher on Tuesday, December 28, as the yellow metal mirrored trends in global markets. On the Multi Commodity Exchange (MCX), gold futures due for a February 4 delivery, were last seen trading higher by Rs 101 or 0.21 per cent - at Rs 48,167, compared to their previous close of Rs 48,066. Silver futures due for a March 4 delivery were last up 0.32 per cent at Rs 62,503 against a previous close of Rs 62,301.
Domestic spot gold opened at Rs 48,255 per 10 grams on Tuesday, and silver at Rs 62,105 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
Gold in international markets:
Gold prices slipped from a one-week high in thin trading on Tuesday, as easing concerns over the Omicron coronavirus variant and strong U.S. retail sales data boosted risk appetite.
The US dollar, also viewed as a safe haven, languished near the bottom end of its recent trading range versus a basket of peers, maintaining the greenback-priced gold's appeal for holders of non-US currencies, and limiting losses.
The two-year Treasury yield, which is very sensitive to interest rate expectations, climbed to the highest in almost 22 months in Tokyo, increasing the opportunity cost of holding bullion, which pays no interest.
“Gold inched higher despite an uptick in dollar as market participants assess the impact of the Omicron variant on the economy. Asian stock markets were generally weaker with U.S. crude in holiday-thinned trading, as uncertainty over the economic impact of the Omicron variant weighed on investor sentiment,'' said Mr. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services.
Spot gold was down 0.1 per cent at $1,809.68 per ounce, after hitting its highest since December 17 on Monday. U.S. gold futures were up 0.1 per cent at $1,810.90.
''COMEX gold trades in a narrow range near $1810/oz after yesterday's 0.2 per cent decline. Gold continues to trade in a range near $1800/oz reflecting the stability in US dollar and bond yields amid a lack of fresh triggers. Support from virus concerns, the Chinese economic slowdown, and rising inflationary pressure is countered by strength in equities and weaker investor interest.
Gold may remain range bound as it is set to end a lackluster year on a subdued note however any gains in US dollar may make it vulnerable to correction,'' said Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities.
Trading Strategy:
Amit Khare, AVP- Research Commodities, Ganganagar Commodity Limited:
''Yesterday February Gold made a high of 48248 then made a low of 48050, And Silver made a low of 61702 then made a high of 62646. Movement may be very slow due to year end and new year holiday in US market.
So 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 48066, Support 1 - 47900, Support 2 - 47800, Resistance 1 - 48200, Resistance 2 - 48400.''