Gold Prices Today: Gold, Silver Rates Decline On Global Cues
Gold Price In India: Gold and silver futures fell on Wednesday, December 22, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a February 4 delivery, were last seen 0.08 per cent down at Rs 48,030, compared to the previous close of Rs 48,067. Silver futures due for a March 4 delivery were last seen 0.27 per cent lower at Rs 61,640 against the previous close of Rs 61,805.
Domestic spot gold with a purity of 24 carats opened at Rs 48,125 per 10 grams on Wednesday, and silver at Rs 61,393 per kilogram – both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
— IBJA (@IBJA1919) December 22, 2021
Foreign Exchange Rates:
Globally, gold prices were stuck in a narrow trading range as investors headed into year-end holidays, with a steady improvement in risk appetite countering safe-haven demand fuelled by the rapidly spreading Omicron Covid-19 variant. Spot gold was last down 0.1 per cent at $1,786.58 per ounce; while U.S. gold futures fell 0.1 per cent to $1,786.60.
Ravi Singh, Vice President and Head of Research, ShareIndia: “Gold is trading in a tight range due to as global shares rose, with European and U.S. stocks rebounding on renewed risk appetite, despite the surging number of Omicron cases around the world. Gold prices may remain range bound between Rs 47,800-48,300 this week. Buy Zone above – Rs 48,300 for the target of Rs 48,600; Sell Zone below – Rs 47,800 for the target of Rs 47,500.”
Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd.: “As per technical chart, gold and silver are looking attractive. Momentum indicator RSI also cited the same in hourly as well as daily chart. So short term investors are advised to create fresh longs for in small dips near given support levels. Traders should focus important technical levels given for the day: February Gold closing price Rs 48,067, Support 1 – Rs 47,880, Support 2 – Rs 47,700, Resistance 1 – Rs 48,250, Resistance 2 – Rs 48,500. March Silver closing price Rs 61,805, Support 1 – Rs 61,200, Support 2 – Rs 60,500, Resistance 1 – Rs 62,450, Resistance 2 – Rs 63,000.”