Gold Price In India: Gold futures traded marginally higher on Wednesday, October 13, as the yellow metal took cues from international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen trading higher by 0.19 per cent - at Rs 47,290, compared to their previous close of Rs 47,198. Silver futures due for a December 3 delivery were last up 0.72 per cent at Rs 62,035 against a previous close of Rs 61,586.
Domestic spot gold with purity of 24 carats opened at Rs 47,310 per 10 grams on Wednesday, and silver at Rs 61,749 per kilogram - both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
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The US dollar index was last at 94.413, just off just Tuesday's high of 94.563, the highest since September 2020.
Gold was steady ahead of the data from the U.S. with the spot price up 0.04% to $1,760 an ounce, in the middle of this month's range.
What Analysts Say:
Sandeep Matta, Founder, TRADEIT Investment Advisor: "The precious metal registered double digit gain as IMF trimmed its global growth outlook due to increasing threats from supply chain bottlenecks and delta variant. The yellow metal has seen incremental demand amid energy crisis, strong dollar and elevated bond yield. Technically, gold is facing strong resistance between $1775 to $1800/oz and seems not in hurry to cross these levels. The outlook stable for today and market participants are advised to follow key pivotal levels both the sides."
He added that, "Key level for Gold December Contract – Rs 47,218, Buy Zone above – Rs 47225 for the target of Rs 47,375-47,468, Sell Zone below – Rs 47,200 for the target of Rs 47,016-46,900."
Ravi Singh, Vice President & Head of Research, ShareIndia, said, "Stronger US dollar, expectation of Fed tapering and higher US Treasury yields have kept a downward pressure on Gold since June. However, the arising challenges in the recovery of the global economies and festive demand will increase the appeal of safe haven in coming weeks."
He further mentioned, "Buy Zone - Rs 47,100 for the target of Rs 47,380, Sell Zone below - Rs 46,900 for the target of Rs 46,600."
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