Gold Rates Today: Domestic spot gold opened at Rs 48,068 per 10 grams on WednesdayGold Cost In India: Gold futures traded lower on Wednesday, December 29, as the yellow metal mirrored patterns in international markets.
On the Multi Product Exchange (MCX), gold futures due for a February 4 shipment, were last seen trading lower by Rs 298 or 0.62 per cent - at Rs 47,744, compared to their previous close of Rs 48,042.
Silver futures due for a March 4 shipment were last down 0.79 percent at Rs 62,020 versus a previous close of Rs 62,514.
Domestic spot gold opened at Rs 48,068 per 10 grams on Wednesday, and silver at Rs 62,154 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
Gold in worldwide markets: Gold prices on Wednesday pulled away from a more than one-month peak hit in the last session, as a more powerful United States dollar and increased hunger for riskier possessions depressed sentiment.
Area gold fell 0.3 per cent to $1,800.02 per ounce, while United States gold futures dropped 0.6 percent to $1,800.
Higher rates increase bond yields, making non-yielding bullion less appealing.
Gold prices are on track for their biggest yearly decline because 2015, having fallen nearly 5 percent up until now.
COMEX gold trades partially lower however in a range near $1805/oz after a 0.1 percent gain yesterday.
Gold jumped to one-month high the other day however stopped working to hold on to the gains as US dollar and bond yields recovered.There are no fresh triggers in the market and we are seeing choppiness across asset classes showing in gold.
Gold may continue to hover in a variety near $1800/oz amidst absence of fresh cues nevertheless any stability in United States dollar may pressurize gold prices, stated Ravindra Rao, CMT, EPAT, VP-Head Product Research Study at Kotak Securities.
Trading Technique: Yesterday February Gold made a high of 48328 then made a low of 48002, And Silver made a high of 63239 then made a low of 62344.
Movement may be extremely sluggish due to year end and brand-new year vacation in US market, According to day-to-day technical chart Gold and Silver both are prepared for some profit booking.Traders are advised to book profit in long side and can develop fresh sell positions near given resistance levels, traders should focus essential technical levels given below for the day: February Gold closing cost 48042, Support 1 - 47900, Support 2 - 47800, Resistance 1 - 48225, Resistance 2 - 48400.