Gold Price In India: Gold and silver futures traded flat on Wednesday, January 19, amid muted global trend. On the Multi Commodity Exchange (MCX), gold futures, due for a February 4 delivery, edged higher and were last seen 0.02 per cent up at Rs 47,935, compared to the previous close of Rs 47,926. Silver futures due for a March 4 delivery were last seen 0.10 per cent up at Rs 63,085 against the previous close of Rs 63,019.
Domestic spot gold with a purity of 24 carats opened at Rs 48,204 per 10 grams on Wednesday, and silver at Rs 63,004 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 fell towards previous session's one-week low as the prospect of aggressive rate hikes by the U.S. Federal Reserve sent benchmark Treasury yields to two-year highs, reducing the appeal of non-yielding bullion. Spot gold was down 0.2 per cent at $1,810.90 per ounce, after falling to a one-week low of $1,805 an ounce on Tuesday. U.S. gold futures dipped 0.1 per cent to $1,810.80.
Ravi Singh, Vice President and Head of Research, ShareIndia: "Gold prices in Comex is trading flat, pressured by higher U.S. Treasury yields, as investors looked for clues about the Federal Reserve's interest rate hike timeline from its policy meeting next week."
He suggested, "Buy Zone above - Rs 48,000 for the target of Rs 48,500. Sell Zone below - Rs 47,700 for the target of Rs 47,500."
Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "Gold and silver prices are showing some strength now on daily chart. Momentum indicator RSI also cited the same in hourly as well as daily chart. So traders are advised to create fresh buy positions near given support levels. They should focus on important technical levels given for the day: February Gold closing price Rs 47,926, Support 1 - Rs 47,800, Support 2 - Rs 47,650, Resistance 1 - Rs 48,100, Resistance 2 - Rs 48,230. March Silver closing price Rs 63,019, Support 1 - Rs 62,500, Support 2 - Rs 62,000, Resistance 1 - Rs 63,500, Resistance 2 - Rs 64,100.