Gold Prices Today: Gold Futures Decline; Silver Trades Below Rs 64,900
Gold Price In India: Gold and silver futures traded lower on Friday, January 21, amid mixed global cues. On the Multi Commodity Exchange (MCX), gold futures, due for a February 4 delivery, were last seen 0.23 per cent down at Rs 48,268, compared to the previous close of Rs 48,380. Silver futures due for a March 4 delivery were last seen 0.78 per cent lower at Rs 64,870 against the previous close of Rs 65,379.
Domestic spot gold with a purity of 24 carats opened at Rs 48,784 per 10 grams on Friday, and silver at Rs 65,202 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 21/01/2022#IBJA pic.twitter.com/Sb6zMUipnt
January 21, 2022Foreign Exchange Rates:
Globally, gold prices edged higher and were set for a second weekly gain as safe-haven demand and retreating U.S. bond yields lifted the metal's appeal, while auto-catalyst palladium hovered near a two-month high scaled in the previous session.
Spot gold was up 0.2 per cent at $1,842.46 per ounce, inching towards Thursday's two-month high of $1,847.72. U.S. gold futures were flat at $1,842.20 per ounce.
Analyst View:
Ravi Singh, Vice President and Head of Research, ShareIndia: "In the U.S., initial unemployment claims climbed to a three-month high. The figure exceeded all estimates and suggested that the omicron variant is having a bigger impact on the labor market. Treasury yields and the dollar extended declines after the claims data and gold prices soared to new highs. Existing buyers may book some positions at current juncture with a modified stop loss."
He suggested, "Buy Zone near - Rs 48,100 for the target of Rs 48,500. Sell Zone below - Rs 47,900 for the target of Rs 47,700."
Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "Gold and silver prices are giving solid up move since last 2-3 trading sessions, So there's a possibility of profit booking at current levels. Momentum indicator RSI also cited the same in hourly as well as daily charts. So traders are advised to book their longs and wait for corrections for fresh entry. They should focus on important technical levels given for the day: February Gold closing price Rs 48,380, Support 1 - Rs 48,240, Support 2 - Rs 48,100, Â Resistance 1 - Rs 48,560, Resistance 2 - Rs 48,700. March Silver closing price Rs 65,379, Support 1 - Rs 64,700, Support 2 - Rs 64,000, Resistance 1 - Rs 65,500, Resistance 2 - Rs 66,000."
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