Gold Price In India: Gold and silver futures climbed on Friday, November 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 1.32 per cent up at Rs 48,045, compared to the previous close of ₹ 47,421. Silver futures due for a December 3 delivery were last seen 0.44 per cent higher at Rs 63,428 against the previous close of Rs 63,150.
Domestic spot gold with purity of 24 carats opened at Rs 47,993 per 10 grams on Friday, and silver at Rs 63,460 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 gained as concerns over the spread of a newly identified coronavirus variant boosted the metal's safe-haven appeal, although bullion was set for a weekly drop on bets of U.S. Federal Reserve turning more hawkish. Spot gold rose 0.6 per cent to $1,798.20 per ounce. U.S. gold futures advanced 0.8 per cent to $1,798.30.
Ravi Singh, Vice President and Head of Research, ShareIndia: "Minutes from the November Fed meeting show members concerned about inflation and willing to tighten policy should it continue to increase. The anticipation is putting pressure on gold prices and capping the rise. Gold in MCX has entered the consolidation zone and remain till the levels of Rs 47,700 or Rs 47,300 is broken."
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: December Gold closing price Rs 47,421, Support 1 - Rs 47,250, Support 2 - Rs 47,000, Resistance 1 - Rs 47,600, Resistance 2 - Rs 48,000. December Silver closing price Rs 63,150, Support 1 - Rs 62,800, Support 2 - Rs 62,400, Resistance 1 - Rs 63,500, Resistance 2 - Rs 63,900."