Gold Futures Surge On Global Cues, Silver Above Rs 62,000

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Gold Prices Today: Gold Futures Surge On Global Cues, Silver Above Rs 62,000

Domestic spot gold with a purity of 24 carats opened at Rs 48,080 per 10 grams.

Gold Price In India: Gold and silver futures traded increased on Thursday, January 13, taking cues from the worldwide spot costs. On the Multi Commodity Exchange (MCX), gold futures due for a February 4 supply, had been final seen 0.18 per cent up at Rs 47,893, in comparison with the earlier shut of Rs 47,808. Silver futures due for a March 4 supply had been final seen 0.27 per cent increased at Rs 62,024 towards the earlier shut of Rs 61,856.

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Domestic spot gold with a purity of 24 carats opened at Rs 48,080 per 10 grams on Thursday, and silver at Rs 61,729 per kilogram – each charges excluding GST (items and providers tax), in response to Mumbai-based business physique India Bullion and Jewellers Association (IBJA).

Foreign Exchange Rates:

Globally, gold costs held close to a one-week excessive hit within the earlier session, because the U.S. greenback and Treasury yields retreated after inflation knowledge got here according to expectations and reiterated the necessity for a faster rate of interest hike. Spot gold was flat at $1,825.82 per ounce. U.S. gold futures was additionally unchanged at $1,826.50.

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Analyst View:

Ravi Singh, Vice President and Head of Research, ShareIndia: “In the current juncture, the momentum indicators like MACD, RSI and MAs are showing bullish trend in intraday and daily chart. The trend may continue and gain it’s strength on a breakout above 48,000 levels.”

He steered, “Buy Zone above – Rs 48,000 for the target of Rs 48,500. Sell Zone below – Rs 47,600 for the target of Rs 47,400.”

Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd: “As per daily technical chart, gold and silver are looking strong. Momentum indicator RSI also cited the same in hourly as well as daily chart. So traders are advised to create fresh buy positions near given support levels. They should focus important on technical levels given for the day: February Gold closing price Rs 47,808, Support 1 – Rs 47,650, Support 2 – Rs 47,500,  Resistance 1 – Rs 47,950, Resistance 2 – Rs 48,100. March Silver closing price Rs 61,856, Support 1 – Rs 61,300, Support 2 – Rs 60,800, Resistance 1 – Rs 62,350, Resistance 2 – Rs 63,000.”

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