Gold Price In India: Gold futures traded lower on Tuesday, December 21, as the yellow metal mirrored trends in global markets. On the Multi Commodity Exchange (MCX), gold futures due for a February 4 delivery, were last seen trading lower by Rs 142 or 0.29 per cent - at Rs 48,098, compared to their previous close of Rs 48,240. Silver futures due for a March 4 delivery were last up 0.07 per cent at Rs 61,460 against a previous close of Rs 61,417.
#Gold and #Silver Opening #Rates for 21/12/2021#IBJA pic.twitter.com/ygUm9IItHO
Domestic spot gold opened at Rs 48,192 per 10 grams on Tuesday, and silver at Rs 60,939 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
In forex markets, the rupee appreciated 17 paise to 75.73 against the US dollar in the opening session today, tracking heavy buying in domestic equities and a weak American currency in the overseas market. However, surging crude prices restricted the rupee's gain, according to traders.
At the interbank foreign exchange, the rupee opened strong at 75.74 and inched up to quote 75.73 against the American dollar in early deals, registering a rise of 17 paise from the last close.
Mr Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities:
''COMEX gold trades marginally lower near $1791/oz after a 0.6 per cent decline yesterday. Gold trades marginally lower amid stability in equity markets and rise in bond yields from recent lows. ETF flows also show weaker investor interest.
However, supporting price is rising virus concerns, setback in US spending bill negotiations, concerns about Chinese economy and geopolitical issues. Gold may remain choppy reflecting larger financial markets however Fed's tightening expectations may continue to weigh.''
Trading Strategy:
Amit Khare, AVP- Research Commodities, Ganganagar Commodity Limited
''Gold and Silver showed profit booking movement on the 20th December trading session, On the Multi-Commodity Exchange (MCX), February gold contracts closed down by 0.71 per cent at Rs 48,240 for 10 grams. While March contract Silver futures closed at Rs 61,417 a kilogram, 1.18 per cent down.Yesterday February Gold made a high of 48643 then made a low of 48211, and silver made a high of 61914 then made a low of 61182. As per technical chart gold and silver both are looking attractive in daily chart, so short term investors are advised to create fresh longs for in small dips near given support levels, traders should focus important technical levels given below for the day:
February Gold closing price 48240, Support 1 - 48000, Support 2 - 47800, Resistance 1 - 48360, Resistance 2 - 48500.''
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