Gold Price In India: Gold futures continued to drop on Wednesday, October 27, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen down 0.40 per cent - at Rs 47,620, compared to the previous close of Rs 47,813. Silver futures due for a December 3 delivery were last seen down 0.49 per cent at Rs 64,670 against the previous close of Rs 64,989.
Domestic spot gold with purity of 24 carats opened at Rs 47,817 per 10 grams on Wednesday, and silver at Rs 64,542 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:
On the global front, gold prices eased, retreating from the key $1,800 mark. Spot gold was down 0.2 per cent at $1,788.66 per ounce. U.S. gold futures dropped 0.2 per cent to $1,790.60. The U.S. dollar index was down less than 0.1 per cent at 93.877.
What Analysts Say:
Manoj Dalmia, Founder and Director - Proficient Equities Ltd: "Gold MCX is technically in a very strong uptrend taking cues from the Comex Gold which was also supported by increasing worries about problematic price inflation in U.S. The increasing demand in domestic gold due to improved retail buying and rising footfall at jewellery showrooms due to lucrative discounts and offers has hold the prices. Buy Zone - Rs 48,000 for the target of Rs 48,350; Sell Zone below - Rs 47,900 for the target of Rs 47,600."
Ravi Singh, Vice President and Head of Research, ShareIndia: "The market focus is on the key meetings of the Bank of Japan and the European Central Bank (ECB) scheduled on Thursday and next week's US Federal Reserve and Bank of England policy decisions. Investors are trading cautiously this week due to uncertainty over the timing of central bank rate hikes amid rising inflation concerns. After continuous rally, gold has witnessed profit booking yesterday which may sustain for few more trading sessions. Buy Zone above - Rs 48,000 for the target of Rs 48,350; Sell Zone below - Rs 47,700 for the target of Rs 47,400."
Amit khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "Yesterday December Gold made a high of Rs 48,280, then made a low of Rs 47,584; and silver made a high of Rs 66,235 then made a low of Rs 64,612. On Tuesday, we saw some profit booking in bullions at higher levels which may continue for next 1-2 trading sessions. Momentum indicator RSI also indicating the same on daily chart. So traders are advised to make fresh short positions in gold and silver in small bounce near given resistance levels. They should focus important technical levels given below for the day: December Gold closing price Rs 47,813, Support 1 - Rs 47,600, Support 2 - Rs 47,400, Resistance 1 - Rs 48,012, Resistance 2 - Rs 48,200. December Silver closing price Rs 64,612, Support 1 - Rs 64,000, Support 2 - Rs 63,200, Resistance 1 - Rs 65,500, Resistance 2 - Rs 65,900."