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

Gold and silver futures climbed on Monday, November 29, taking cues from the international spot prices.

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

Domestic spot gold with purity of 24 carats opened at Rs 48,118 per 10 grams.

Gold Price In India: Gold and silver futures climbed on Monday, November 29, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen 0.53 per cent up at Rs 47,836, compared to the previous close of Rs 47,585. Silver futures due for a December 3 delivery were last seen 1.18 per cent higher at Rs 62,775 against the previous close of Rs 62,045.

Domestic spot gold with purity of 24 carats opened at Rs 48,118 per 10 grams on Monday, and silver at Rs 63,095 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 as concerns over the impact of the Omicron coronavirus variant offset a stronger dollar, with investors assessing whether the emergence of the variant could change the U.S. Federal Reserve's hawkish stance. Spot gold rose 0.2 per cent to $1,794.87 per ounce, while U.S. gold futures advanced 0.5 per cent to $1,794.20.

Analyst View:

Ravi Singh, Vice President and Head of Research, ShareIndia: "Gold prices is taking support on account of new and possibly vaccine resistant Covid variant detected in South Africa and few other Asian countries. Global economies are already facing high inflation and economic bottlenecks and still in revival mode. In this scenario, if situation worsens or new lockdown imposed globally then we may see a rebound in gold prices."

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."

Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd.: "We are seeing profit booking in bullions since last 5-6 trading sessions. Now the current levels are the best prices for short term investors. As per technical chart, overall structure of gold and silver are looking positive. Momentum indicator RSI also cited the same in hourly chart and trading at oversold zone. So short term investors are advised to create fresh longs for in small dips near given support levels. They should focus on important technical levels given for the day: February Gold closing price Rs 47,960, Support 1 - Rs 47,700, Support 2 - Rs 47,500,  Resistance 1 - Rs 48,170, Resistance 2 - Rs 48,350. March Silver closing price Rs 62,965, Support 1 - Rs 62,450, Support 2 - Rs 61,800, Resistance 1 - Rs 64,000, Resistance 2 - Rs 65,000."

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