Gold Futures Decline; Silver Trades Below Rs 64,900

Gold Price In India: Gold and silver futures traded decrease on Friday, January 21, amid blended world cues. On the Multi Commodity Exchange (MCX), gold futures, due for a February 4 supply, had been final seen 0.23 per cent down at Rs 48,268, in comparison with the earlier shut of Rs 48,380. Silver futures due for a March 4 supply had been final seen 0.78 per cent decrease at Rs 64,870 towards the earlier shut of Rs 65,379.Domestic spot gold with a purity of 24 carats opened at Rs 48,784 per 10 grams on Friday, and silver at Rs 65,202 per kilogram - each charges excluding GST (items and providers tax), in accordance with Mumbai-based business physique India Bullion and Jewellers Association (IBJA).

#Gold and #Silver Opening #Rates for 21/01/2023#IBJApic.twitter.com/Sb6zMUipnt

— IBJA (@IBJA1919) January 21, 2023

Foreign Exchange Rates:Globally, gold costs edged increased and had been set for a second weekly achieve as safe-haven demand and retreating U.S. bond yields lifted the steel's attraction, whereas auto-catalyst palladium hovered close to a two-month excessive scaled within the earlier session.Spot gold was up 0.2 per cent at $1,842.46 per ounce, inching in direction of Thursday's two-month excessive of $1,847.72. U.S. gold futures had been flat at $1,842.20 per ounce.Analyst View:Ravi Singh, Vice President and Head of Research, ShareIndia: "In the U.S., initial unemployment claims climbed to a three-month high. The figure exceeded all estimates and suggested that the omicron variant is having a bigger impact on the labor market. Treasury yields and the dollar extended declines after the claims data and gold prices soared to new highs. Existing buyers may book some positions at current juncture with a modified stop loss."He prompt, "Buy Zone near - Rs 48,100 for the target of Rs 48,500. Sell Zone below - Rs 47,900 for the target of Rs 47,700."Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "Gold and silver prices are giving solid up move since last 2-3 trading sessions, So there's a possibility of profit booking at current levels. Momentum indicator RSI also cited the same in hourly as well as daily charts. So traders are advised to book their longs and wait for corrections for fresh entry. They should focus on important technical levels given for the day: February Gold closing price Rs 48,380, Support 1 - Rs 48,240, Support 2 - Rs 48,100,  Resistance 1 - Rs 48,560, Resistance 2 - Rs 48,700. March Silver closing price Rs 65,379, Support 1 - Rs 64,700, Support 2 - Rs 64,000, Resistance 1 - Rs 65,500, Resistance 2 - Rs 66,000."