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

Gold Price In India: Gold and silver futures traded higher note on Monday, January 17, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a February 4 delivery, were last seen 0.23 per cent up at Rs 47,890, compared to the previous close of Rs 47,778. Silver futures due for a March 4 delivery were last seen 0.34 per cent higher at Rs 61,812 against the previous close of Rs 61,603.

Domestic spot gold with a purity of 24 carats opened at Rs 48,144 per 10 grams on Monday, and silver at Rs 61,632 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 market participants gauged the global economic policy outlook, with inflation-based demand for bullion countering hawkish comments from U.S. Federal Reserve officials, supporting the dollar and Treasury yields. Spot gold was steady at $1,819.34 per ounce. U.S. gold futures edged up 0.2 per cent to $1,819.70.

Analyst View:

Ravi Singh, Vice President and Head of Research, ShareIndia: "India's gold imports have more than doubled to $38 billion during April-December this fiscal on account of higher demand, according to data of the commerce ministry. Gold prices may continue to trend upside in near terms."

He suggested, "Buy Zone above - Rs 48,000 for the target of Rs 48,500. Sell Zone below - Rs 47,600 for the target of Rs 47,400."

Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "Gold and silver prices are showing some weakness on daily chart. So there is a probability of some profit booking at higher levels. Momentum indicator RSI also cited the same in hourly as well as daily chart. Traders are advised to book profit in buy side and can also create fresh sell positions near given resistance levels. They should focus on important technical levels given for the day: February Gold closing price Rs 47,778, Support 1 - Rs 47,650, Support 2 - Rs 47,500,  Resistance 1 - Rs 47,900, Resistance 2 - Rs 48,100. March Silver closing price Rs 61,603, Support 1 - Rs 61,100, Support 2 - Rs 60,500, Resistance 1 - Rs 62,260, Resistance 2 - Rs 62,600."