Gold futures were last seen trading lower by Rs 33 or 0.07 per cent
Gold Price In India: Gold futures moved between gains and losses on Wednesday, January 5, as the yellow metal took cues from trends in international markets. On the Multi Commodity Exchange (MCX), gold futures due for a February 4 delivery, were last seen trading lower by Rs 33 or 0.07 per cent - at Rs 47,916, compared to their previous close of Rs 47,949. Silver futures due for a March 4 delivery were last down 0.44 per cent at Rs 61,950 against a previous close of Rs 62,226.
Domestic spot gold opened at Rs 48,126 per 10 grams on Wednesday, and silver at Rs 61,658 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities:
COMEX gold trades little changed near $1815/oz after a 0.8 per cent gain yesterday. Gold continues to take cues from US dollar and bond yields as market players shift focus from virus situation to FOMC minutes which may give more clarity on Fed's monetary policy stance. Gold continues to trade in a range near $1800/oz and this may continue unless there are fresh triggers however Fed's tightening expectations could keep US dollar supported and this may weigh on gold price.
Trading Strategy:
Amit Khare, AVP- Research Commodities, Ganganagar Commodity Limited:
''While March contract Silver futures closed at Rs 62,226 a kilogram, 0.79 per cent up. Yesterday February Gold made a low of 47740 then made a high of 47997, And Silver made a low of 61504 then made a high of 62369. As per daily technical chart Gold and Silver both are showing weakness.
So traders are advised to create fresh sell positions near given resistance levels, traders should focus important technical levels given below for the day:
February Gold closing price 47949, Support 1 - 47800, Support 2 - 47650, Resistance 1 - 48100, Resistance 2 - 48300.''