Gold Price In India: Gold futures rise on Monday, November 1, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen 0.20 per cent up at Rs 47,731, compared to the previous close of ₹ 47,635. Silver futures due for a December 3 delivery were last seen marginally down 0.22 per cent at Rs 64,382 against the previous close of Rs 64,534.
Domestic spot gold with purity of 24 carats opened at Rs 47,776 per 10 grams on Monday, and silver at Rs 64,368 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 01/11/2021#IBJA pic.twitter.com/WNg7tVuCci
Foreign Exchange Rates:
Globally, gold edged higher as some investors bought the metal following a steep price drop in the previous session, although caution set in ahead of a key U.S. Federal Reserve meeting after data showed inflation quickened. Spot gold rose 0.1 per cent to $1,784.08 per ounce after a 1.5 per cent drop to a more one-week trough on Friday. U.S. gold futures gained 0.1 per cent to $1,785.
What Analysts Say:
Ravi Singh, Vice President and Head of Research, ShareIndia: "Gold price in MCX traded in a range bound zone last week taking cues from global market and stronger treasury yields. The expectation of early stimulus tapering by Fed is keeping us dragging gold prices down whereas fear of economic bottlenecks towards it's recovery is increasing the safe haven appeal. The demand of gold is also expected to increase during the festive season. We expect gold to be range bound this week with an upward bias."
He suggested, "Buy Zone above - Rs 47,750 for the target of Rs 48,000; Sell Zone below - Rs 47,500 for the target of Rs 47,300."
Amit khare, AVP - Research Commodities, Ganganagar Commodity Ltd: In previous trade, "we saw some profit booking in bullions at upper levels. As per technical chart both metals are ready for upside movement again. Momentum indicator RSI also cited the same on daily chart. So traders are advised to make fresh buy positions in gold and silver in small dips near given support levels. They should focus important technical levels given for the day: December Gold closing price Rs 47,635, Support 1 - Rs 47,300, Support 2 - Rs 47,100, Resistance 1 - Rs 47,950, Resistance 2 - Rs 48,260; December Silver closing price Rs 64,534, Support 1 - Rs 64,000, Support 2 - Rs 63,400, Resistance 1 - Rs 65,000, Resistance 2 - Rs 65,670."
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