Gold, Silver Rates Drop On Dhanteras

Gold Price In India: Gold and silver futures fell on Tuesday, November 2, taking cues from the worldwide spot costs. On the Multi Commodity Exchange (MCX), gold futures due for a December 3 supply, have been final seen 0.17 per cent down at Rs 47,820, in comparison with the earlier shut of Rs 47,903. Silver futures due for a December 3 supply have been final seen marginally down 0.20 per cent at Rs 64,660 in opposition to the earlier shut of Rs 64,791.Domestic spot gold with purity of 24 carats opened at Rs 47,904 per 10 grams on Tuesday, and silver at Rs 64,402 per kilogram - each charges excluding GST (items and companies tax), in response to Mumbai-based trade physique India Bullion and Jewellers Association (IBJA).

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Dhanteras marks the start of Diwali festivities, and folks take into account it as an auspicious day to purchase gold or utensils. The day can be noticed by believers because the delivery anniversary of Dhanvantri, the God of Ayurveda.Foreign Exchange Rates:Globally, gold costs eased on Tuesday, damage by an uptick within the greenback as buyers await a coverage assembly of the U.S. central financial institution for clues to the way it will battle rising inflationary pressures and worries over weaker financial progress. Spot gold dipped 0.1 per cent to $1,791.23 per ounce. U.S. gold futures GCv1 dropped 0.2 per cent to $1,791.80. The greenback index edged up 0.1 per cent.What Analysts Say:Manoj Dalmia, Founder and Director - Proficient Equities Ltd: "Gold has taken out its September high Rs 47,783, but also facing resistance at 200-day average at the same level and consolidating within a range of Rs 48,200 vs Rs 47,500 for the past one week or so. However on daily chart, we notice the higher bottom formations and also the recent high of Rs 48,200. Chances are high that this recent October high will also be surpassed & that will confirm the intermediate uptrend. From the perspective of seasonality, the month of November has been moderately bullish for Gold in past five years and as long as Gold December keeps above Rs 47,230, there are possibility for yellow metal to take higher highs from the current levels."Ravi Singh, Vice President and Head of Research, ShareIndia: "Today is Dhanteras which is a major Hindu event, on which individuals often buy gold and silver within the type of jewelry and utensils. This 12 months it's anticipated to witness a surge within the sale of gold and silver jewelry. Lot of presents and reductions are additionally in market by jewellers to draw clients. Gold costs in MCX is shifting in a closed vary, we anticipate this motion to proceed for few more buying and selling session with an upward bias.He steered, "Buy Zone - Rs 47,850 for the target of Rs 48,100; Sell Zone Below - Rs 47,700 for the target of Rs 47,500."Amit khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "Yesterday we saw good buying in bullions at lower levels, Which may continue for next few trading sessions. Today is a auspicious festival of Dhanteras and as per Indian belief, today's buying of Gold Silver are very lucky. So we can see a good buying in bulions in next 1-2 trading sessions. As per technical chart both metals are ready for upside movement again. Momentum indicator RSI also cited the same on daily chart. Traders are advised to make fresh buy positions in gold and silver in small dips near given support levels. They should focus important technical levels given for the day: December Gold closing price Rs 47,903, Support 1 - Rs 47,700, Support 2 - Rs 47,500, Resistance 1 - Rs 48,121, Resistance 2 - Rs 48,400. December Silver closing price Rs 64,791, Support 1 - Rs 64,300, Support 2 - Rs 63,700, Resistance 1 - Rs 65,210, Resistance 2 - Rs 65,820."Nish Bhatt, Founder & CEO, Millwood Kane International: "Indians' love for gold knows no bounds, it is the second-largest consumer of gold. In the run-up to the festive and marriage season coupled with unlocking across India, the demand for gold is likely to pick up, helping the price. After posting stellar gains for the past few years, the yellow metal has been trading range-bound in the past 12 months. Concerns of tapering, strengthening dollar, and high rate of vaccination have dampened prospects for gold. Going forward, the actions by the global central banks mainly the US Fed on the liquidity tightening will guide gold prices."