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

Gold Price In India: Gold and silver futures traded higher on Tuesday, January 11, 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 47,566, compared to the previous close of Rs 47,455. Silver futures due for a March 4 delivery were last seen 0.41 per cent higher at Rs 60,918 against the previous close of Rs 60,667.

Domestic spot gold with a purity of 24 carats opened at Rs 47,722 per 10 grams on Tuesday, and silver at Rs 60,550 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 supported by weaker U.S. dollar and Treasury yields, as traders awaited December inflation data and weighed bets for quicker interest rate hikes by the Federal Reserve. Spot gold rose 0.4 per cent to $1,809.22 per ounce; U.S. gold futures were up 0.6 per cent to $1,808.80.

Analyst View:

Ravi Singh, Vice President and Head of Research, ShareIndia: "On strong US dollar and treasury yields, gold prices are trading under pressure. Fed's December meeting minutes has pushed gold to lower levels. However, traders are cautious and closely watching the development of Omicron for further position building in gold."

He suggested, "Buy Zone above - Rs 47,450 for the target of Rs 47,800. Sell Zone below - Rs 47,200 for the target of Rs 47,000."

Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "As per the daily technical chart, gold and silver are now trading at a demand zone. We can see a short-covering rally in bullion any time. Momentum indicator RSI also cited the same in hourly as well as the 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 47,455, Support 1 - Rs 47,300, Support 2 - Rs 47,150, Resistance 1 - Rs 47,510, Resistance 2 - Rs 47,630. March Silver closing price Rs 60,667, Support 1 - Rs 60,300, Support 2 - Rs 59,800, Resistance 1 - Rs 61,000, Resistance 2 - Rs 61,500."