Gold Prices Today: Gold Rates Inch Lower On Global Cues; Silver Up

Gold Price In India: Gold futures edged lower on Monday, November 22, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen 0.02 per cent down at Rs 48,819, compared to the previous close of Rs 48,828. Silver futures due for a December 3 delivery were last seen 0.62 per cent higher at Rs 65,964 against the previous close of Rs 65,556.

Domestic spot gold with purity of 24 carats opened at Rs 48,949 per 10 grams on Monday, and silver at Rs 65,727 per kilogram - both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).

Foreign Exchange Rates:

Globally, gold prices stabilised after hitting their lowest in nearly two weeks, as a retreating US dollar lent some support to the metal. Spot gold was little changed at $1,845.48 per ounce. U.S. gold futures fell 0.3 per cent to $1,846.80. The dollar index fell 0.1 per cent, retreating from Friday's high.

Analysts View:

Ravi Singh, Vice President and Head of Research, ShareIndia: "Gold prices has fallen in a range bound zone since last few trading sessions as anticipated high and sustained inflation is supporting the prices whereas reduced Covid cases has increased the investment in riskier assets once again. In the lack of any fresh trigger this week, we expect gold prices to trade between Rs 48,500 to Rs 49,300 with an upward bias. Gold is having a strong resistance near Rs 49,500 levels in MCX. Any breakout above Rs 49,500 will start a new trading territory in gold prices. Buy Zone above - Rs 48,950 for the target of Rs 49,300; Sell Zone below - Rs 48,800 for the target of Rs 48,600."

Amit khare, AVP - Research Commodities, Ganganagar Commodity Ltd.: "In the previous trading session, we saw some profit booking in Bullions at higher levels. As per technical chart overall structure of gold and silver are looking positive. Momentum indicator RSI also cited the same in hourly chart. So traders are advised to create fresh longs in small dips near given support levels. They should focus on important technical levels given for the day: December Gold closing price Rs 48,828, Support 1 - Rs 48,650, Support 2 - Rs 48,450,  Resistance 1 - Rs 49,000, Resistance 2 - Rs 49,200. December Silver closing price Rs 65,556, Support 1 - Rs 65,000, Support 2 - Rs 64,500, Resistance 1 - Rs 66,100, Resistance 2 - Rs 66,850."