Gold Price in India: Gold futures traded lower on Wednesday, December 29, as the yellow metal reflects trends in international markets. On the Multi Commodity Exchange (MCX), gold futures, due for delivery February 4, were trading lower by Rs 298, or 0.62 per cent, at Rs 47,744 as against their previous Rs 48,042. Silver futures due for delivery on March 4, fell by 0.79 per cent to Rs 62,020 from the previous Rs 62,514.
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According to Mumbai-based industry body India Bullion and Jewelers Association (IBJA), domestic spot gold on Wednesday opened at Rs 48,068 per 10 grams and silver at Rs 62,154 per kg.
Gold in International Markets:
Gold prices on Wednesday retreated from more than a month’s peak hit in the previous session, as a stronger US dollar and increased appetite for riskier assets dampened sentiment. Spot gold fell 0.3 per cent to $1,800.02 an ounce, while US gold futures fell 0.6 per cent to $1,800.
Higher rates raise bond yields, making non-yielding bullion less attractive. Gold prices are on the way to their biggest annual decline since 2015, having fallen nearly five percent so far.
“COMEX gold marginally lower but after gaining 0.1 percent yesterday, is trading in the range of $ 1805 an ounce. Gold hit a one-month high yesterday but failed to sustain gains on the back of improving US dollar and bond yields.
There is no new trigger in the market and we are seeing an uptick in asset classes reflected in gold as well. Ravindra Rao, CMT, EPAT, Ravindra Rao, VP-Head Commodity Research, Kotak Securities said, gold may continue to trade near $1800 an ounce amid lack of fresh cues, however any stability in US dollar will put pressure on gold prices. can put
“Yesterday in February, gold made a high of 48328, then a low of 48002, and silver made a high of 63239 and then a low of 62344. Movement in the US market may be very slow due to the end of the year and the New Year holiday. Daily Technical Charts Both Gold and Silver are trading for some profit booking.
Traders are advised to book profits on the long side and create new sell positions near the given resistance levels, traders should focus on the following important technical levels for the day:
February Gold closing price 48042, Support 1 – 47900, Support 2 – 47800, Resistance 1 – 48225, Resistance 2 – 48400.