INSUBCONTINENT EXCLUSIVE:
Domestic spot gold with a purity of 24 carats opened at Rs 48,210 per 10 grams.Gold Price In India: Gold and silver futures continued to
trade on a higher note on Friday, January 14, taking cues from the international spot prices
On the Multi Commodity Exchange (MCX), gold futures due for a February 4 delivery, were last seen 0.53 per cent up at Rs 47,990, compared to
the previous close of Rs 47,736
Silver futures due for a March 4 delivery were last seen 0.52 per cent higher at Rs 62,242 against the previous close of Rs 61,920.Domestic
spot gold with a purity of 24 carats opened at Rs 48,210 per 10 grams on Friday, and silver at Rs 61,828 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 were set for their biggest weekly rise since November, bolstered by a weaker dollar and lower Treasury yields,
while traders awaited more economic data for clarity about the Federal Reserve's tapering timeline
Spot gold rose 0.3 per cent to $1,827.34 per ounce, and has added about 1.8 per cent this week
United States gold futures also rose 0.3 per cent to $1,827.20.Analyst View:Amit Khare, AVP - Research Commodities, Ganganagar Commodity
Ltd: "Gold and silver prices are continuously rising in the last 3-4 trading sessions
So, there is a probability of some profit booking at higher levels
Momentum indicator RSI also cited the same in hourly as well as daily chart
Traders are advised to book profit in the buy-side and can also create fresh sell positions near given resistance levels
They should focus on important technical levels given for the day: February Gold closing price Rs 47,736, Support 1 - Rs 47,650, Support 2 -
March Silver closing price Rs 61,920, Support 1 - Rs 61,600, Support 2 - Rs 61,100, Resistance 1 - Rs 62,260, Resistance 2 - Rs 62,600."Ravi
Singh, Vice President and Head of Research, ShareIndia: "Dollar and Treasury yields retreated after United States inflation came in line
with the expectations, putting gold prices under pressure and opening door for early rate hike
Gold and silver are looking strong on intraday chart and may give breakout in coming sessions."He suggested, "Buy Zone above - Rs 47,800 for
Sell Zone below - Rs 47,600 for the target of Rs 47,400."
