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

Gold Price In India: Gold and silver futures climbed on Wednesday, November 24, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen 0.28 per cent up at Rs 47,566, compared to the previous close of Rs 47,434. Silver futures due for a December 3 delivery were last seen 0.67 per cent higher at Rs 62,928 against the previous close of Rs 62,509.

Domestic spot gold with purity of 24 carats opened at Rs 47,736 per 10 grams on Wednesday, and silver at Rs 63,177 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 edged higher, though the strength in the U.S. dollar and bets that the Federal Reserve could raise interest rates sooner than anticipated kept the safe-haven metal below the key $1,800 mark. Spot gold rose 0.2 per cent to $1,792.68 per ounce, after slipping 0.9 per cent to its lowest since November 5 on Tuesday. U.S. gold futures added 0.5 per cent to $1,792.90.

Analyst View:

Ravi Singh, Vice President and Head of Research, ShareIndia: "Gold is still expected to remain in the negative territory for few more trading sessions. All the momentum indicators like RSI, MACD, Moving Averages and Stochastic are showing downtrend in intraday and daily chart. There is also nothing expected this week which may trigger fresh safe haven appeal. We advice investors to remain cautious and avoid taking fresh long position before the sentiments turn around."

He suggested, "Buy Zone above - Rs 47,700 for the target of Rs 48,000; Sell Zone below - Rs 47,300 for the target of Rs 47,000."