Gold Prices Today: Gold, Silver Prices Decline On Global Cues

Gold futures fell on Tuesday, October 26, 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 0.21 per cent - at Rs 48,100, compared to the previous close of Rs 48,200.

Gold Prices Today: Gold, Silver Prices Decline On Global Cues

Domestic spot gold with purity of 24 carats opened at Rs 48,346 per 10 grams.

Gold Price In India: Gold futures fell on Tuesday, October 26, 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 0.21 per cent - at Rs 48,100, compared to the previous close of Rs 48,200. Silver futures due for a December 3 delivery were last seen down 0.74 per cent at Rs 65,650 against the previous close of Rs 66,139.

Domestic spot gold with purity of 24 carats opened at Rs 48,346 per 10 grams on Tuesday, and silver at Rs 65,793 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 edged lower, weighed down by an uptick in the US dollar. Spot gold fell 0.1 per cent to $1,805.96 per ounce. U.S. gold futures was flat at $1,806.60. The dollar rose 0.1 per cent, recovering from a near one-month trough hit during the previous session.

What Analysts Say:

Manoj Dalmia, Founder and Director - Proficient Equities Ltd: "Currently gold is at around Rs 48,200. It is in a bullish trend after it broke the major resistance level of Rs 47,170. Strategy for trading in gold should be to buy at support levels. Gold can find support at around Rs 47,120 and Rs 47,540 areas. Target for gold, based on the width of bearish channel it made previously, can be Rs 48,600 to Rs 48,650 area. Resistance levels in gold are at Rs 48,300 and Rs 48,700 areas."

Ravi Singh, Vice President and Head of Research, ShareIndia: "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 US. 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. Buy Zone above - Rs 47,300 for the target of Rs 47,500; Sell Zone below - Rs 47,100 for the target of Rs 46,900."

Amit khare, AVP- Research Commodities, Ganganagar Commodity Ltd: "Yesterday we saw follow up buying in bullions. Bullions prices are continuously rising since last 3 weeks, now the both metals are trading at overbought zone. One profit booking is pending in gold and silver. Momentum indicator RSI also citing the same on daily chart. So traders are advised to book their longs and can 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 48,200, Support 1 - Rs 48,050, Support 2 - Rs 47,900, Resistance 1 - Rs 48,300, Resistance 2 - Rs 48,450. December silver closing price Rs 66,139, Support 1 - Rs 65,750, Support 2 - Rs 65,200, Resistance 1 - Rs 66,510, Resistance 2 - Rs 67,000."

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