Gold and silver prices rise on global clues
Gold price in India: Gold and silver futures traded higher on Monday, February 7th, guided by international spot prices. On the Multi Commodity Exchange (MCX), gold futures, due for delivery on Feb. 4, were last up 0.18 percent to Rs.48,012 from the previous close of Rs.47,924. Silver futures, which are due for delivery on March 4, were last seen up 1.09 percent at Rs 61,510 from the previous close of Rs 60,849.
Domestic spot gold with a purity of 24 carats opened Monday at 48,275 rupees per 10 grams and silver at 61,331 rupees per kilogram – both prices excluding GST (goods and services tax), according to the Mumbai-based industry body India Bullion and Jewelers Association (IBJA ).
— IBJA (@IBJA1919) February 7, 2022
Foreign exchange rates:
Globally, gold prices rose as growing concerns about escalating price pressures increased the metal’s appeal as an inflation hedge and helped cushion pressure from higher US Treasury yields after a better-than-expected jobs report. Spot gold rose 0.2 percent to $1,810.38 an ounce, close to its nearly a week high hit last Friday, while US gold futures rose 0.2 percent to $1,812.10 .
Ravi Singh, Vice President and Head of Research, ShareIndia: “Gold prices in the MCX showed profit booking and moved in a tight range. Stronger dollar and US Treasury yields are supporting gold prices. The Federal Reserve’s rate hike decision and higher inflation are the key factors driving gold prices.”
He suggested: “Buy zone above – Rs 48,100 for target of Rs 48,400. Sell zone below – Rs 47,900 for target of Rs 47,700.”
Amit Khare, AVP – Commodity Research, Ganganagar Commodity Ltd: “Gold and silver prices are now showing strength again and creating a bottom. Momentum indicator RSI also quoted the same on hourly and daily charts. Traders are therefore advised to create new longs near the indicated support levels. You should focus importantly on the given technical levels for the day: April Gold close Rs 47,924, Support 1 – Rs 47,800, Support 2 – Rs 47,650, Resistance 1 – Rs 48,200, Resistance 2 – Rs 48,300. March Silver close Rs 60,849, Support 1 – Rs 60,500, Support 2 – Rs 60,000, Resistance 1 – Rs 61,500, Resistance 2 – Rs 62,225.”