INSUBCONTINENT EXCLUSIVE:
Domestic spot gold with a purity of 24 carats opened at Rs 47,722 per 10 grams.Gold Price In India: Gold and silver futures traded higher on
Tuesday, January 11, taking cues from the international spot prices
On the Multi Commodity Exchange (MCX), gold futures due for a February 4 delivery, were last seen 0.23 per cent up at Rs 47,566, compared to
the previous close of Rs 47,455
Silver futures due for a March 4 delivery were last seen 0.41 per cent higher at Rs 60,918 against the previous close of Rs 60,667.Domestic
spot gold with a purity of 24 carats opened at Rs 47,722 per 10 grams on Tuesday, and silver at Rs 60,550 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 rose supported by weaker United States dollar and Treasury yields, as traders awaited December
inflation data and weighed bets for quicker interest rate hikes by the Federal Reserve
Spot gold rose 0.4 per cent to $1,809.22 per ounce; United States gold futures were up 0.6 per cent to $1,808.80.Analyst View:Ravi Singh,
Vice President and Head of Research, ShareIndia: "On strong US dollar and treasury yields, gold prices are trading under pressure
Fed's December meeting minutes has pushed gold to lower levels
However, traders are cautious and closely watching the development of Omicron for further position building in gold."He suggested, "Buy Zone
above - Rs 47,450 for the target of Rs 47,800
Sell Zone below - Rs 47,200 for the target of Rs 47,000."Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "As per the daily
technical chart, gold and silver are now trading at a demand zone
We can see a short-covering rally in bullion any time
Momentum indicator RSI also cited the same in hourly as well as the daily chart
So traders are advised to create fresh buy positions near given support levels
They should focus on important technical levels given for the day: February Gold closing price Rs 47,455, Support 1 - Rs 47,300, Support 2 -
Rs 47,150, Resistance 1 - Rs 47,510, Resistance 2 - Rs 47,630
March Silver closing price Rs 60,667, Support 1 - Rs 60,300, Support 2 - Rs 59,800, Resistance 1 - Rs 61,000, Resistance 2 - Rs 61,500."
