INSUBCONTINENT EXCLUSIVE:
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
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
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 -
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."
