Gold Prices Today: Gold, Silver Rates Climb On Global Cues

Gold Price In India: Gold and silver futures traded higher on Monday, February 7, taking cues from the international spot rates. On the Multi Commodity Exchange (MCX), gold futures, due for a February 4 delivery, were last seen 0.18 per cent up at Rs 48,012, compared to the previous close of Rs 47,924. Silver futures due for a March 4 delivery were last seen 1.09 per cent higher at Rs 61,510 against the previous close of Rs 60,849.

Domestic spot gold with a purity of 24 carats opened at Rs 48,275 per 10 grams on Monday, and silver at Rs 61,331 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 as growing worries over broadening price pressures lifted the metal's appeal as an inflation hedge and helped cushion pressure from higher U.S. Treasury yields after a surprisingly upbeat jobs report. Spot gold rose 0.2 per cent to $1,810.38 per ounce, hovering close to its highest nearly a week reached last Friday, while U.S. gold futures edged up 0.2 per cent to $1,812.10.

Analyst View:

Ravi Singh, Vice President and Head of Research, ShareIndia: "Gold prices in MCX shown profit booking and moving in a tight range. Stronger dollar and US treasury yields are holding gold prices. Federal Reserve rate hike decision and higher inflation are the key factors driving the gold prices."

He suggested, "Buy Zone above - Rs 48,100 for the target of Rs 48,400. Sell Zone below - Rs 47,900 for the target of Rs 47,700."

Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "Gold and silver prices are now showing strength again and creating bottom. Momentum indicator RSI also cited the same in hourly as well as daily charts. So traders are advised to create fresh longs near given support levels. They should focus important on technical levels given for the day: April Gold closing price Rs 47,924, Support 1 - Rs 47,800, Support 2 - Rs 47,650,  Resistance 1 - Rs 48,200, Resistance 2 - Rs 48,300. March Silver closing price Rs 60,849, Support 1 - Rs 60,500, Support 2 - Rs 60,000, Resistance 1 - Rs 61,500, Resistance 2 - Rs 62,225."