Domestic spot gold with a purity of 24 carats opened at Rs 47,836 per 10 grams.
Gold Price In India: Gold futures traded flat on Friday, December 10, while silver futures continued to extend fall. On the Multi Commodity Exchange (MCX), gold futures due for a February 4 delivery, were last seen marginally 0.01 per cent up at Rs 47,945, compared to the previous close of Rs 47,939. Silver futures due for a March 4 delivery were last seen 0.36 per cent lower at Rs 60,580 against the previous close of Rs 60,798.
Domestic spot gold with a purity of 24 carats opened at Rs 47,836 per 10 grams on Friday, and silver at Rs 60,094 per kilogram - both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
#Gold and #Silver Opening #Rates for 10/12/2021#IBJApic.twitter.com/CYvCS2SY42
— IBJA (@IBJA1919) December 10, 2021
Foreign Exchange Rates:
Globally, gold prices were set for a fourth straight weekly fall on Friday as caution prevailed ahead of U.S. inflation data that could prompt the Federal Reserve to taper its bond purchases at a faster pace. Spot gold fell 0.2 per cent to $1,771.51 per ounce. U.S. gold futures fell 0.2 per cent to $1,773.30.
Analyst View:
Ravi Singh, Vice President and Head of Research, ShareIndia: "Gold prices this week remains under pressure due to higher US treasury yeilds and stronger dollar. Traders are looking ahead to the US November consumer price index report, which is expected to come in up 0.7 per cent from November and be up 6.7 per cent, year-on-year to get a clear understanding of the Fed's plan of bond tapering."
He suggested, "Buy Zone above - Rs 48,000 for the target of Rs 48,300; Sell Zone below - Rs 47,700 for the target of Rs 47,300."
Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd.: "We can see huge volatility in bullions in December. As per technical chart gold and silver are trading at oversold zone and making bottom. Momentum indicator RSI also cited the same in hourly as well as daily chart. The current levels are the best prices for short term investors. So, they are advised to create fresh longs for in small dips near given support levels. Traders should focus on important technical levels given for the day: February Gold closing price Rs 47,939, Support 1 - Rs 47,850, Support 2 - Rs 47,700, Resistance 1 - Rs 48,100, Resistance 2 - Rs 48,332. March Silver closing price Rs 60,798, Support 1 - Rs 60,000, Support 2 - Rs 59,340, Resistance 1 - Rs 61,200, Resistance 2 - Rs 61,550."
