Domestic spot gold with purity of 24 carats opened at Rs 49,061 per 10 grams.Gold Price In India: Gold and silver futures climbed on Wednesday, November 17, 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 49,137, compared to the previous close of Rs 49,038.
Silver futures due for a December 3 delivery were last seen 0.57 per cent higher at Rs 66,610 against the previous close of Rs 66,234.Domestic spot gold with purity of 24 carats opened at Rs 49,061 per 10 grams on Wednesday, and silver at Rs 66,375 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 inched higher but hovered around a recent low, after a jump in United States retail sales kept the dollar close to a 16-month high.
Spot gold rose 0.2 per cent to $1,854.39 per ounce, but the metal was still only about $6 shy off its lowest level since last Friday hit in the previous session.
United States gold futures gained 0.2 per cent to $1,857.10.Analysts View:Manoj Dalmia, Founder and Director, Proficient Equities Ltd.: "Several technical evidences pointing out that gold will likely remain pretty bullish in near future.
The adjoined weekly chart of MCX December contract shows that the intermediate downtrend had terminated early October with a falling wedge pattern.
The breakout was accompanied by good volume as well.
The short term target for gold is now Rs 50,500.
Corrections will therefore be buying opportunities in gold with stop loss at supports over Rs 48,870 and Rs 48,200."Ravi Singh, Vice President and Head of Research, ShareIndia: "The higher US bond yields and stronger dollar pushed gold prices lower yesterday.
However, the inflation concerns has increased the safe haven appeal which is providing support to gold prices.
This tug of war between bulls and bears is keeping gold in the range bound zone.
We expect gold to show some upward move this week.
Buy Zone near - Rs 49,100 for the target of Rs 49,500; Sell Zone below - Rs 49,000 for the target of Rs 48,700."Amit khare, AVP - Research Commodities, Ganganagar Commodity Ltd.: "Yesterday we saw some profit booking in bullions at higher levels.
As per technical chart, overall structure of gold and silver are positive and strong.
Momentum indicator RSI also cited the same on daily chart.
So traders are advised to create fresh longs in small dips near given support levels.
They should focus on important technical levels given for the day: December Gold closing price Rs 49,038, Support 1 - Rs 48,900, Support 2 - Rs 48,700, Resistance 1 - Rs 49,370, Resistance 2 - Rs 49,725.
December Silver closing price Rs 66,234, Support 1 - Rs 66,000, Support 2 - Rs 65,500, Resistance 1 - Rs 67,000, Resistance 2 - Rs 67,750."