Gold Prices Today: Gold and Silver Prices Rise According to Global Signals

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Domestic spot gold with a purity of 24 karats opened at Rs 47,959 per 10 grams on Thursday.

Gold Price in India: Gold futures traded slightly higher on Thursday, October 14, with the yellow metal taking inspiration from international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for delivery on December 3 were last seen up 0.06% – to Rs 47,948, from the previous close from Rs 47,916. Silver futures due for delivery on December 3 were up 0.48% to Rs 63,190 from a previous close of Rs 62,887.

Domestic spot gold of 24 karat purity opened at Rs 47,959 per 10 grams on Thursday, and silver at Rs 62,693 per kilogram – both rates excluding GST (goods and services tax ), according to the Mumbai-based industry body India Bullion and Jewelers Association (IBJA).

Foreign exchange rates:

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Gold, generally viewed as an inflation hedge, shone as a weaker US dollar added to its strength. Spot gold jumped 1.9% to $ 1,792.91 an ounce. US gold futures rose 1.92% to $ 1,792.00 an ounce.

The dollar index fell 0.42% to 94.033 from a one-year high of 94.563 reached the previous day.

What the analysts say:

Sandeep Matta, Founder, Investment Advisor, TRADEIT: “The precious metal posted strong gains due to a slight increase in US inflation data in September. Further reports from the US Federal Reserve’s September meeting showed central bank officials were looking to start scaling back their bond-buying stimulus program. as early as mid-November or mid-December, with plans to wrap up in the middle of next year. Gold on MCX also closed around the day’s high with a rally of nearly a thousand points and the bulls gained a short term technical advantage. We are repeatedly advising market participants to stay long on gold in recent days and always be positive on the yellow metal. The outlook is positive today with some consolidation after this strong recovery and market participants are advised to follow key pivot levels on both sides. “

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He added: “Key level for December gold contract – Rs 47,682; Buy area above – 47,700 for target of Rs 48,200 to 48,500; Sell area below – Rs 47,650 for the objective of Rs 47,500 to 46,445. “

Ravi Singh, Vice President and Head of Research, ShareIndia: “The IMF has reduced its global growth forecast for 2021 to 5.9% from 6% in its July report, due to a reduction in its projection for advanced economies at 5.2% against 5.6%. Flickering confidence in global economies has pushed gold prices to higher levels. “

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He suggested: “Buy the area – Rs 47,700 for the Rs 48,200 target; Sell the area below – Rs 47,600 for the Rs 47,400 target.”

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