Gold Price in India: Gold and silver futures fell on Wednesday, December 22, taking cues from international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for delivery on February 4 were last seen down 0.08% to Rs 48,030, from the previous close of Rs 48,067. Silver futures due for delivery on March 4 were last seen down 0.27% to Rs 61,640 from the previous close of Rs 61,805.
On Wednesday, 24-karat purity spot gold opened at Rs 48,125 per 10 grams and silver at Rs 61,393 per kilogram – both rates excluding GST (goods and services tax) , according to the Mumbai-based industry body India Bullion and Jewelers Association (IBJA).
– IBJA (@ IBJA1919) 22 December 2021
Foreign exchange rates:
Globally, gold prices have remained stuck in a narrow trading range as investors head into the year-end vacation, with steadily improving risk appetite thwarting demand. of safe havens powered by the rapidly spreading Omicron Covid-19 variant. Spot gold last lost 0.1% to $ 1,786.58 an ounce; while US gold futures fell 0.1% to $ 1,786.60.
Ravi Singh, Vice President and Chief Research Officer, ShareIndia: Gold is trading in a narrow range as global equities rise, with European and US stocks rebounding on renewed risk appetite, despite the growing number of Omicron cases around the world. gold could remain in a range between Rs 47,800 and Rs 48,300 this week. Buy area above – Rs 48,300 for target of Rs 48,600; Sell area below – Rs 47,800 for target of Rs 47,500. “
Amit Khare, Assistant Vice President – Research Products, Ganganagar Commodity Ltd. : “According to the technical chart, gold and silver look attractive. The RSI momentum indicator also cited the same hourly and daily chart. So short term investors are advised to create new long positions for small ones. declines near given support levels Traders should focus on important technical levels given for the day: Gold February 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. Silver closing price in March Rs 61,805, Support 1 – Rs 61,200, Support 2 – Rs 60,500, Resistance 1 – Rs 62,450, Resistance 2 – Rs 63,000. “