Gold Prices Today: Gold Rates Inch Higher; Silver Decline

Gold futures edged higher on Thursday, October 28, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen up 0.15 per cent - at Rs 48,035, compared to the previous close of Rs 47,962.

Gold Prices Today: Gold Rates Inch Higher; Silver Decline

Domestic spot gold with purity of 24 carats opened at Rs 48,065 per 10 grams.

Gold Price In India: Gold futures edged higher on Thursday, October 28, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen up 0.15 per cent - at Rs 48,035, compared to the previous close of Rs 47,962. Silver futures due for a December 3 delivery were last seen down 0.52 per cent at Rs 64,829 against the previous close of Rs 65,165.

Domestic spot gold with purity of 24 carats opened at Rs 48,065 per 10 grams on Thursday, and silver at Rs 64,699 per kilogram - both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).

India's gold demand has seen a 47 per cent year-on-year jump in the July-September quarter to 139.1 tonnes, following a strong rebound in economic activity and recovering consumer demand, the World Gold Council said in a report.

Foreign Exchange Rates:

Globally, gold prices consolidated slightly above the key $1,800 level, supported by softer U.S. bond yields as investors focused on how central banks respond to rising price pressures. Spot gold rose 0.3 per cent to $1,802.40 per ounce. U.S. gold futures gained 0.3 per cent to $1,803.90.

What Analysts Say:

Manoj Dalmia, Founder and Director - Proficient Equities Ltd: "Gold has comfortably taken out its August top and consequently the primary downtrend is now exhausted. It has also managed to successfully absorb the supply at 100-day average (at Rs 47,550 – Rs 47,600 range) and trading above it, turning the intermediate trend up for the yellow metal. In other words, it's now a buy-on-decline regime for gold."

He added, "In the very short term: Rs 47,600 has become support and gold may be bought on weakness above this level. The intermediate uptrend remains active as long as gold stays above Rs 47,200 and has a target of Rs 48,500 and beyond."

Ravi Singh, Vice President and Head of Research, ShareIndia: "The gold market is moving sideways as the traders are awaiting the outcome of central banks meeting. We expect the sideways movement in gold to continue for a few days. However, the latest coronavirus delta outbreak in China and few other countries is expected to worsen in coming days. The fear may trigger an upward move in gold which may continue till the festival season ends."

He suggested, "Buy Zone above - Rs 48,000 for the target of Rs 48,200; Sell Zone below - Rs 47,800 for the target of Rs 47,500."

Amit khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "Yesterday December Gold made a high of Rs 48,019 then made a low of Rs 47,620 and silver made a low of Rs 64,528 then made a high of Rs 65,538. On Wednesday, we saw some profit booking in bullions at higher levels which may continue for next 1-2 trading sessions. Momentum indicator RSI also cites the same on daily chart. So traders are advised to make fresh short positions in gold and silver in small bounces near given resistance levels. They should focus important technical levels given for the day: December Gold closing price Rs 47,962, Support 1 - Rs 47,700, Support 2 - Rs 47,500,  Resistance 1 - Rs 48,100, Resistance 2 - Rs 48,260. December Silver closing price Rs 65,165, Support 1 - Rs 64,600, Support 2 - Rs 64,000, Resistance 1 - Rs 65,500, Resistance 2 - Rs 65,900.

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