Gold Prices Today: Gold Rates Surge; Silver Prices Decline

Gold Price In India: Gold futures rose on Wednesday, December 8, while silver futures dropped. On the Multi Commodity Exchange (MCX), gold futures due for a February 4 delivery, were last seen 0.31 per cent up at Rs 48,210, compared to the previous close of Rs 48,060. Silver futures due for a March 4 delivery were last seen 0.18 per cent lower at Rs 61,719 against the previous close of Rs 61,828.

Domestic spot gold with a purity of 24 carats opened at Rs 48,129 per 10 grams on Wednesday, and silver at Rs 61,523 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:

Gold prices rose slightly as U.S. Treasury yields eased from their recent highs. Investors also looked ahead to key inflation data which could settle the course of interest rates. Spot gold was up 0.1 per cent to $1,785.48 per ounce. U.S. gold futures were up 0.1 per cent at $1,786.10.

Analyst View:

Ravi Singh, Vice President and Head of Research, ShareIndia: "US non-farm payroll November data showed a much lower addition as compared to October data and market expectation. If the data continued to disappoint then Fed may defer it's decision of bond tapering for further pondering. This will play positive for gold prices."

He suggested, "Buy Zone near - Rs 47,900 for the target of Rs 48,500; Sell Zone below - Rs 47,700 for the target of Rs 47,400."

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 short term investors are advised to create fresh longs for in small dips near given support levels. Traders should focus important technical levels given for the day: February Gold closing price Rs 48,060, Support 1 - Rs 47,850, Support 2 - Rs 47,600,  Resistance 1 - Rs 48,170, Resistance 2 - Rs 48,300. March Silver closing price Rs 61,828, Support 1 - Rs 61,300, Support 2 - Rs 60,600, Resistance 1 - Rs 62,100, Resistance 2 - Rs 62,500."