Gold Prices Today: Gold, Silver Rates Decline On Global Cues
Gold Price In India: Gold futures fell on Friday, October 29, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), Gold futures due for a December 3 delivery, were last seen 0.41 per cent lower at Rs 47,760, compared to the previous close of Rs 47,961. Silver futures due for a December 3 delivery were last seen down 1.22 per cent at Rs 64,142 against the previous close of Rs 64,931.
Domestic spot gold with purity of 24 carats opened at Rs 47,927 per 10 grams on Friday, and silver at Rs 64,099 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 29/10/2021#IBJA pic.twitter.com/WVLxQxuHbi
October 29, 2021Foreign Exchange Rates:
Globally, gold prices were set to mark a third straight weekly gain as a retreat in U.S. bond yields and a tepid dollar lifted bullion's safe-haven appeal. Spot gold was steady at $1,797.82 per ounce but gained 0.3 per cent so far this week. U.S. gold futures dropped 0.2 per cent to $1,799.40 per ounce.
What Analysts Say:
Ravi Singh, Vice President and Head of Research, ShareIndia: "India's gold demand has seen a 47 per cent year-on-year jump in the July-September quarter to 139.1 tonnes, following stround in economic activity and recovering consumer demand, the World Gold Council said in a report. According to the WGC, gold demand in India is bouncing back to pre-Covid levels and going forward the outlook looks bullish. Also, The advance estimate yesterday showed that the U.S. Q3 GDP rose 2 per cent versus the market's expectations of a 2.7 per cent increase. The MCX Gold is likely to be range bound this week with a bullish bias."
He suggested, "Buy Zone around - Rs 47,850 for the target of Rs 48,150; Sell Zone below - Rs 47,700 for the target of Rs 47,500."
Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "Yesterday December Gold made a low of Rs 47,746 then made a high of Rs 48,229, and silver made a low of Rs 64,680 then made a high of Rs 65,347. On Thursday, we saw some profit booking in Bullions at higher levels which may continue for next 2-3 trading sessions. Momentum indicator RSI also cited the same on daily chart. So traders are advised to make fresh short positions in gold and silver in small bounces near given resistance levels. They should focus important technical levels given for the day: December Gold closing price Rs 47,961, Support 1 - Rs 47,650, Support 2 - Rs 47,500,  Resistance 1 - Rs 48,100, Resistance 2 - Rs 48,260. December Silver closing price Rs 64,931, Support 1 - Rs 64,500, Support 2 - Rs 64,000, Resistance 1 - Rs 65,300, Resistance 2 - Rs 66,000."
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