Gold Prices Today: Gold, Silver Prices Continue To Rise

Gold futures continued to trade higher on Wednesday, October 20. On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen trading higher by 0.41 per cent - at Rs 47,477, compared to the previous close of Rs 47,280.

Gold Prices Today: Gold, Silver Prices Continue To Rise

Domestic spot gold with purity of 24 carats opened at Rs 47,546 per 10 grams on Wednesday.

Gold Price In India: Gold futures continued to trade higher on Wednesday, October 20. On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen trading higher by 0.41 per cent - at Rs 47,477, compared to the previous close of Rs 47,280. Silver futures due for a December 3 delivery were last up 0.51 per cent at Rs 64,784 against a previous close of Rs 64,450.

Domestic spot gold with purity of 24 carats opened at Rs 47,546 per 10 grams on Wednesday, and silver at Rs 64,422 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, however, edged lower as the metal's shine was dented by surging U.S. bond yields. Spot gold fell 0.1 per cent to $1,767.71 per ounce and U.S. gold futures dropped 0.1 per cent to $1,768.40. The U.S. dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.06 per cent to 93.67.

What Analysts Say:

Ravi Singh, Vice President and Head of Research, ShareIndia: "Gold MCX traded in a range bound zone yesterday taking cues from global market. However, the volatility was higher due to the movement in U.S. dollar. We expect gold to trade sideways to up in the coming week. In MCX, gold has a support at Rs 46,900 and resistance at Rs 47,650."

He added, "Buy Zone above - Rs 47,300 for the target of Rs 47, 650; Sell Zone below - Rs 46,900 for the target of Rs 46,600."

Amit khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "Yesterday we saw some safe haven buying in bullions at lower levels, especially in silver. Overall technical charts of gold and silver are strong. Momentum indicator RSI also citing the same, which means more upside potential for the bullion market. So, traders are advised to make fresh long positions in gold and silver in small dips, traders should focus important technical levels given below for the day: December Gold closing price Rs 47,280, Support 1 - Rs 47,150, Support 2 - Rs 47,000, Resistance 1 - Rs 47,400, Resistance 2 - Rs 47,650. December Silver closing price Rs 64,450, Support 1 - Rs 63,500, Support 2 - Rs 62,600, Resistance 1 - Rs 65,000, Resistance 2 - Rs 65,500."

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