Gold, Silver Futures Decline; Yellow Metal Barely Holds Rs 48,000 Levels

Gold and silver futures fell on Monday, January 3, amid steady international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a February 4 delivery, were last seen 0.2 per cent down at Rs 48,004, compared to the previous close of Rs 48,099.

Gold, Silver Futures Decline; Yellow Metal Barely Holds Rs 48,000 Levels

Domestic spot gold with a purity of 24 carats opened at Rs 48,279 per 10 grams.

Gold Price In India: Gold and silver futures fell on Monday, January 3, amid steady international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a February 4 delivery, were last seen 0.2 per cent down at Rs 48,004, compared to the previous close of Rs 48,099. Silver futures due for a March 4 delivery were last seen 0.62 per cent lower at Rs 62,273 against the previous close of Rs 62,660.

Domestic spot gold with a purity of 24 carats opened at Rs 48,279 per 10 grams on Monday, and silver at Rs 62,035 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 held steady on Monday as higher U.S. Treasury yields offset safe-haven buying sentiment due to an Omicron-driven surge in Covid-19 infections globally. Spot gold remained mostly unchanged at $1,830.09 per ounce, after hitting a more than one-month high of $1,831.49 during the session. U.S. gold futures were up 0.1 per cent to $1,830.30.

Analyst View:

Ravi Singh, Vice President and Head of Research, ShareIndia: "Gold prices are trading in a tight range and low volatility. The consolidation and technical setup is suggesting a bullish run is pending in near term. The momentum indicators on daily chart are indicating a possible buying surge in gold prices."

He suggested, "Buy Zone Above - Rs 48,200 for the target of Rs 48,500. Sell Zone Below - Rs 47,900 for the target of Rs 47,600."

Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "Today is a first trading day of 2022. As per daily technical chart, gold and silver are ready for some profit booking. 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 48,099, Support 1 - Rs 47,900, Support 2 - Rs 47,700,  Resistance 1 - Rs 48,200, Resistance 2 - Rs 48,350. March Silver closing price Rs 62,660, Support 1 - Rs 62,200, Support 2 - Rs 61,800, Resistance 1 - Rs 62,800, Resistance 2 - Rs 63,200.

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