INSUBCONTINENT EXCLUSIVE:
Gold prices slipped to its lowest since November 4.Gold Price In India: Gold and silver futures climbed on Thursday, November 25, taking
cues from the international spot prices
On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen 0.25 per cent up at Rs 47,558, compared to
the previous close of Rs 47,438
Silver futures due for a December 3 delivery were last seen 0.68 per cent higher at Rs 63,062 against the previous close of Rs
62,635.Domestic spot gold with purity of 24 carats opened at Rs 47,714 per 10 grams on Thursday, and silver at Rs 63,200 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 edged up as the dollar eased, although hawkish comments by United States Federal Reserve policymakers
dented the metal's appeal and kept it well below the key $1,800 mark
Spot gold rose 0.2 per cent to $1,791.76 per ounce, after slipping to its lowest since November 4 on Wednesday
United States gold futures added 0.4 per cent to $1,791.60.Analyst View:Ravi Singh, Vice President and Head of Research, ShareIndia: "Comex
gold prices remain subdued as robust United States economic data lifted the dollar and Treasury yields ahead of minutes from the Federal
Reserve's November meeting that could provide cues on future interest rate hikes
Also, the government's reported proposal to hike GST on gold jewellery to five per cent from three per cent will be a setback to the
rebounding jewellery industry in India
We expect gold prices to remain weak till it crosses the level of Rs 47,700 in MCX."He suggested, "Buy Zone above - Rs 47,700 for the target
of Rs 48,000; Sell Zone below - Rs 47,300 for the target of Rs 47,000."Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd.:
"We are seeing profit booking in bullions since last 5-6 trading sessions
Now the current levels are the best prices for short term investors
As per technical chart overall structure of gold and silver are looking positive
Momentum indicator RSI also cited the same in hourly chart and trading at oversold zone
So short term investors are advised to create fresh longs for in small dips near given support levels
They should focus on important technical levels given for the day: December Gold closing price Rs 47,438, Support 1 - Rs 47,200, Support 2 -
Rs 46,900, Resistance 1 - Rs 47,670, Resistance 2 - Rs 48,000
December Silver closing price Rs 62,635, Support 1 - Rs 62,200, Support 2 - Rs 61,700, Resistance 1 - Rs 63,000, Resistance 2 - Rs 63,520.
