Gold and silver prices are rising due to global evidence
Gold price in India: Gold and silver futures climbed on Wednesday, November 24th, based on the international spot prices. On the Multi Commodity Exchange (MCX), gold futures delivered on December 3rd were last up 0.28 percent to Rs 47,566, compared to the previous closing price of Rs 47,434. Silver futures closed on December 3rd maturing were last 0.67 percent higher at Rs 62,928 compared to the previous closing price of Rs 62,509.
Domestic spot gold with a purity of 24 carats opened Wednesday at 47,736 rupees per 10 grams and silver at 63,177 rupees per kilogram – both prices excluding GST (goods and services tax), according to the Mumbai-based industry organization India Bullion and Jewelers Association (IBJA) .
Foreign exchange rates:
Globally, gold prices rose slightly, although the strength of the US dollar and bets that the Federal Reserve could hike rates earlier than expected kept the safe haven metal below the all-important $ 1,800 mark. Spot gold rose 0.2 percent to $ 1,792.68 an ounce after falling 0.9 percent on Tuesday to its lowest level since November 5. US gold futures gained 0.5 percent to $ 1,792.90.
Ravi Singh, Vice President and Head of Research, ShareIndia: “It is expected that gold will remain in negative territory for a few more trading sessions. All momentum indicators such as RSI, MACD, moving averages and Stochastic show a downtrend in the intraday and daily charts. Nothing is expected this week either which could provide fresh impetus. We encourage investors to remain cautious and avoid entering into new long positions until sentiment reverses. “
He suggested: “Buy zone above – Rs 47,700 for target of Rs 48,000; Sell zone below – Rs 47,300 for target of Rs 47,000.”