Gold, Silver Rates Rise On Global Cues

Gold Price In India: Gold and silver futures rose on Friday, December 17, taking cues from the worldwide spot costs. On the Multi Commodity Exchange (MCX), gold futures due for a February 4 supply, have been final seen 0.23 per cent up at Rs 48,756, in comparison with the earlier shut of Rs 48,646. Silver futures due for a March 4 supply have been final seen 0.35 per cent greater at Rs 62,370 in opposition to the earlier shut of Rs 62,151.Domestic spot gold with a purity of 24 carats opened at Rs 48,761 per 10 grams on Friday, and silver at Rs 61,711 per kilogram - each charges excluding GST (items and providers tax), in line with Mumbai-based trade physique India Bullion and Jewellers Association (IBJA).

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Foreign Exchange Rates:Globally, gold climbed at this time, poised for its greatest week since mid-November, because the greenback weakened following strikes by international central banks to withdraw pandemic-era stimulus in response to broadening inflationary dangers. Spot gold rose 0.4 per cent to $1,807 per ounce, whereas U.S. gold futures gained over 0.5 per cent to $1,807.30. The steel has risen about 1.4 per cent this week.Analyst View:Ravi Singh, Vice President and Head of Research, ShareIndia: "Although US Federal Reserve sounded optimistic in it's recent meeting regarding the US economic growth but the data numbers are somehow not supporting this optimism. U.S. economic data continues to disappointing as preliminary estimates show slowing activity in both the manufacturing and service sectors. The report said that activity in the manufacturing sector is at a one-year low.The gold market is trading near session high following the latest economic data."He urged, "Buy Zone near - Rs 48,300 for the target of Rs 48,500; Sell Zone below - Rs 48,200 for the target of Rs 48,000."Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd.: "As per the technical chart, gold and silver are trying engaging in every day chart. Momentum indicator RSI additionally cited the identical in hourly in addition to every day chart. So brief time period traders are suggested to create recent longs for in small dips close to given help ranges. Traders ought to focus necessary technical ranges given for the day: February Gold closing value Rs 48,646, Support 1 - Rs 48,400, Support 2 - Rs 48,200,  Resistance 1 - Rs 48,800, Resistance 2 - Rs 49,000. March Silver closing value Rs 62,151, Support 1 - Rs 61,500, Support 2 - Rs 61,000, Resistance 1 - Rs 62,700, Resistance 2 - Rs 63,230.