Domestic spot gold with purity of 24 carats opened at Rs 47,586 per 10 grams on Thursday.Gold Price In India: Gold futures fell on Thursday, October 21, taking cues from the international spot prices which traded cautiously.
On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen down 0.22 per cent - at Rs 47,390, compared to the previous close of Rs 47,499.
Silver futures due for a December 3 delivery were last seen down 0.82 per cent at Rs 65,067 against the previous close of Ra 65,607.Domestic spot gold with purity of 24 carats opened at Rs 47,586 per 10 grams on Thursday, and silver at Rs 65,444 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:On the global front, gold prices traded cautiously but managed to hold gains.
Spot gold marginally rose 0.2 per cent to $1,784.96 per ounce.
United States gold futures were little changed at $1,784.60.
The US dollar's index was also a little changed at 93.612.What Analysts Say:Ravi Singh, Vice President and Head of Research, ShareIndia: "Gold MCX looks stronger day by day on charts.
As the Indian festive season and the marriage season has started, we may see stable buying in gold and silver.
US Federal Reserve Governor Christopher Waller stated that if inflation keeps rising at its current pace in the next few months, Fed policymakers may need to adopt "a more aggressive policy response" next year.
We advise traders to create the fresh long positions in gold and silver on dips."He suggested, "Buy Zone - Rs 47,400 for the target of Rs 47,650; Sell Zone below - Rs 47,200 for the target of Rs 47,000."Amit khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "Yesterday, we saw some safe haven buying in bullions at lower levels especially in silver.
Overall technical charts of gold and silver are strong.
Momentum indicator RSI also citing the same.
So, traders are advised to make fresh long positions in gold and silver in small dips near given support levels.
Traders should focus important technical levels given below for the day: December Gold closing price: Rs 47,499, Support 1 - Rs 47,300, Support 2 - Rs 47,000, Resistance 1 - Rs 47,675, Resistance 2 - Rs 47,900; December Silver closing price: Rs 65,607, Support 1 - Rs 65,200, Support 2 - Rs 64,800, Resistance 1 - Rs 66,000, Resistance 2 - Rs 66,600."Manoj Dalmia, Founder and Director, Proficient Equities Ltd: "December contract of gold made a new low at Rs 45,770 previous month, but since then it has embarked upon a short term uptrend.
In fact gold bears are looking exhausted lately and there is higher probability that the primary downtrend will reverse soon.
Momentum indicator like RSI is poised neutrally and there is an overhung resistance of 100 day average at Rs 47,600 levels.
Once it successfully manages to close above this supply zone, we expect Rs 48,500 to be conquered or even beyond.
Supports for Gold exist at Rs 47,200 and Rs 46,800 regions."