Gold Price In India: Gold futures jumped on Friday, December 3, while silver futures inched lower. On the Multi Commodity Exchange (MCX), gold futures due for a February 4 delivery, were last seen 0.30 per cent up at Rs 47,545, compared to the previous close of Rs 47,401. Silver futures due for a March 4 delivery were last seen 0.03 per cent lower at Rs 61,104 against the previous close of Rs 61,123.
Domestic spot gold with a purity of 24 carats opened at Rs 47,530 per 10 grams on Friday, and silver at Rs 61,017 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 rose but a more hawkish stance of U.S. Federal Reserve officials on stimulus tapering and interest rate rises kept the metal, seen as an inflation hedge, on course for a third straight weekly drop. Spot gold rose 0.2 per cent to $1,772.53 per ounce, after hitting its lowest in nearly a month on Thursday. U.S. gold futures gained 0.6 per cent to $1,773.70.
Ravi Singh, Vice President and Head of Research, ShareIndia: "Gold is now trading on mix fundamentals of fear of new variant Omicron and early bond tapering by US Fed along with interest rate hike on cards. Despite Omicron uncertainty, the ETF holdings are in downfall. Technically, gold has break the major levels and may remain under pressure for few more trading sessions.
He suggested, "Buy Zone above - Rs 47,500 for the target of Rs 47,800; Sell Zone below - Rs 47,300 for the target of Rs 47,000."
Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd.: "We are seeing huge volatility in bullions and this may continue for full month of December. The current levels are the best prices for short term investors. As per technical chart, overall structure of gold and silver are looking positive. Momentum indicator RSI also cited the same in hourly chart and trading at oversold zone. 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 47,401, Support 1 - Rs 47,200, Support 2 - Rs 47,000, Resistance 1 - Rs 47,700, Resistance 2 - Rs 48,000. March Silver closing price Rs 61,123, Support 1 - Rs 60,500, Support 2 - Rs 60,000, Resistance 1 - Rs 61,550, Resistance 2 - Rs 62,000."