Gold Prices Today: Gold, Silver Futures Decline On Global Cues

Gold Price In India: Gold and silver futures fell on Friday, January 7, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a February 4 delivery, were last seen 0.18 per cent down at Rs 47,365, compared to the previous close of Rs 47,451. Silver futures due for a March 4 delivery were last seen 0.18 per cent lower at Rs 60,315 against the previous close of Rs 60,426.

Domestic spot gold with a purity of 24 carats opened at Rs 47,566 per 10 grams on Friday, and silver at Rs 59,801 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 inched lower, hovering close to a two-week low hit in the previous session, after the chief of the World Health Organisation (WHO) said the Omicron variant cannot be considered 'mild', while stronger yields capped bullion's gains. Spot gold was down 0.15 per cent to $1,788.68 per ounce. U.S. gold futures was down 0.06 per cent to $1,788.20.

Analyst View:

Ravi Singh, Vice President and Head of Research, ShareIndia: "The gold prices are trading in a tight range  after the release of the December Federal Reserve meeting minutes signaled a possibility of earlier and faster rate hikes due to increasing inflation. The Omicron concern is also rising day by day, making economic recovery vulnerable."

He suggested, "Buy Zone above - Rs 48,200 for the target of Rs 48,500. Sell Zone below - Rs 47,800 for the target of Rs 47,600."

Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "As per daily technical chart, gold and silver are showing weakness. Momentum indicator RSI also cited the same in hourly as well as daily chart. So traders are advised to create fresh sell positions near given resistance levels. They should focus important technical levels given for the day: February Gold closing price Rs 48,021, Support 1 - Rs 47,800, Support 2 - Rs 47,600,  Resistance 1 - Rs 48,100, Resistance 2 - Rs 48,300. March Silver closing price Rs 62,238, Support 1 - Rs 61,800, Support 2 - Rs 61,000, Resistance 1 - Rs 62,400, Resistance 2 - Rs 62,800."