Domestic spot gold with a purity of 24 carats opened at Rs 48,210 per 10 grams.
Gold Price In India: Gold and silver futures continued to trade on a higher note on Friday, January 14, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a February 4 delivery, were last seen 0.53 per cent up at Rs 47,990, compared to the previous close of Rs 47,736. Silver futures due for a March 4 delivery were last seen 0.52 per cent higher at Rs 62,242 against the previous close of Rs 61,920.
Domestic spot gold with a purity of 24 carats opened at Rs 48,210 per 10 grams on Friday, and silver at Rs 61,828 per kilogram – both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
#Gold and #Silver Opening #Rates for 14/01/2022#IBJApic.twitter.com/heWVhvQADs
— IBJA (@IBJA1919) January 14, 2022
Foreign Exchange Rates:
Globally, gold prices were set for their biggest weekly rise since November, bolstered by a weaker dollar and lower Treasury yields, while traders awaited more economic data for clarity about the Federal Reserve’s tapering timeline. Spot gold rose 0.3 per cent to $1,827.34 per ounce, and has added about 1.8 per cent this week. U.S. gold futures also rose 0.3 per cent to $1,827.20.
Analyst View:
Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd: “Gold and silver prices are continuously rising in the last 3-4 trading sessions. So, there is a probability of some profit booking at higher levels. Momentum indicator RSI also cited the same in hourly as well as daily chart. Traders are advised to book profit in the buy-side and can also create fresh sell positions near given resistance levels. They should focus on important technical levels given for the day: February Gold closing price Rs 47,736, Support 1 – Rs 47,650, Support 2 – Rs 47,500, Resistance 1 – Rs 47,900, Resistance 2 – Rs 48,100. March Silver closing price Rs 61,920, Support 1 – Rs 61,600, Support 2 – Rs 61,100, Resistance 1 – Rs 62,260, Resistance 2 – Rs 62,600.”
Ravi Singh, Vice President and Head of Research, ShareIndia: “Dollar and Treasury yields retreated after U.S. inflation came in line with the expectations, putting gold prices under pressure and opening door for early rate hike. Gold and silver are looking strong on intraday chart and may give breakout in coming sessions.”
He suggested, “Buy Zone above – Rs 47,800 for the target of Rs 48,100. Sell Zone below – Rs 47,600 for the target of Rs 47,400.”