Gold Prices Today: Gold Futures Rise; Silver Trades Above Rs 64,000
Gold Price In India: Gold and silver futures traded higher on Tuesday, January 25, amid steady international spot rates. On the Multi Commodity Exchange (MCX), gold futures, due for a February 4 delivery, were last seen 0.21 per cent up at Rs 48,665, compared to the previous close of Rs 48,564. Silver futures due for a March 4 delivery were last seen 0.14 per cent higher at Rs 64,048 against the previous close of Rs 63,958.
Domestic spot gold with a purity of 24 carats opened at Rs 48,885 per 10 grams on Tuesday, and silver at Rs 63,853 per kilogram - both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
Foreign Exchange Rates:
Globally, gold prices were steady as concerns about a faster pace of policy tightening by the U.S. central bank countered safe-haven demand fuelled by escalating tension over Ukraine. Spot gold was little changed at $1,841.44 per ounce. U.S. gold futures were also steady at $1,842.10.
Analyst View:
Ravi Singh, Vice President and Head of Research, ShareIndia: "Concern over rising inflation and Russia-Ukraine discord has kept the safe-haven appeal intact. Investors are mainly awaiting the U.S. Federal Reserve's meeting for clues on its interest rate hikes. Gold prices may see some profit booking after the Fed meeting."
He suggested, "Buy Zone above - Rs 48,600 for the target of Rs 48,800. Sell Zone below - Rs 48,250 for the target of Rs 48,000."
Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "Gold and silver prices are now showing some strength again. Momentum indicator RSI also cited the same in hourly as well as daily charts. So traders are advised to create fresh longs near given support levels. They should focus on important technical levels given for the day: February Gold closing price Rs 48,564, Support 1 - Rs 48,480, Support 2 - Rs 48,300, Resistance 1 - Rs 48,650, Resistance 2 - Rs 48,800. March Silver closing price Rs 63,958, Support 1 - Rs 63,500, Support 2 - Rs 63,000, Resistance 1 - Rs 64,400, Resistance 2 - Rs 65,000."
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