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

Gold Price In India: Gold and silver futures fell on Tuesday, December 14, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a February 4 delivery, were last seen marginally 0.19 per cent down at Rs 48,210, compared to the previous close of Rs 48,303. Silver futures due for a March 4 delivery were last seen 0.32 per cent lower at Rs 61,382 against the previous close of Rs 61,582.

Domestic spot gold with a purity of 24 carats opened at Rs 48,294 per 10 grams on Tuesday, and silver at Rs 60,980 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 held steady, caught between lower bond yields and a stronger dollar, as investors watched for signs of how soon the U.S. central bank could wind down pandemic support measures when it meets later in the day. Spot gold was almost unchanged at $1,787.50 per ounce. U.S. gold futures were nearly flat at $1,787.90.

Analyst View:

Ravi Singh, Vice President and Head of Research, ShareIndia: "Gold prices are trading higher as all eyes are on the outcome of FOMC (Federal Open Market Committee) meeting. It is expected that Fed may take decision on bond tapering and rate hike to curb the rising inflation, acting on the way Fed chairman had signaled during his testimony before the Senate. However, the uncertainty engulfing the markets over the Omicron's outbreak may push the Fed to defer the decision till next meeting. Gold price trend is also suggesting that the tapering is not going to happen anytime soon."

He suggested, "Buy Zone above - Rs 48,350 for the target of Rs 48,650. Sell Zone below - Rs 48,000 for the target of Rs 47,700."

Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd.: "As per technical chart, gold and silver are making bottom. Momentum indicator RSI also cited the same in hourly as well as daily chart. The current levels are the best prices for short term investors. So, they are advised to create fresh longs for in small dips near given support levels. Traders should focus on important technical levels given for the day: February Gold closing price Rs 48,303, Support 1 - Rs 48,150, Support 2 - Rs 48,000,  Resistance 1 - Rs 48,430, Resistance 2 - Rs 48,600. March Silver closing price Rs 61,582, Support 1 - Rs 61,200, Support 2 - Rs 60,600, Resistance 1 - Rs 61,900, Resistance 2 - Rs 62,100."