INSUBCONTINENT EXCLUSIVE:
Domestic spot gold with a purity of 24 carats opened at Rs 48,620 per 10 grams.Gold Price In India: Gold futures were flat on Thursday,
January 20, while silver surged to trade above the Rs 64,550-mark
On the Multi Commodity Exchange (MCX), gold futures, due for a February 4 delivery, edged higher and were last seen 0.03 per cent up at Rs
48,390, compared to the previous close of Rs 48,377
gold with a purity of 24 carats opened at Rs 48,620 per 10 grams on Thursday, and silver at Rs 64,404 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 down, hovering near a two-month high, with a weaker United States dollar countering pressure from higher
bond yields, as traders looked for clues on the Federal Reserve's pace of interest rate hikes from its policy meeting next week
Spot gold was last down 0.1 per cent at $1,838.62 per ounce, after hitting its highest since November 22 at $1,843.94 earlier
United States gold futures fell 0.2 per cent at $1,839.90.Analyst View:Ravi Singh, Vice President and Head of Research, ShareIndia: "Gold
prices in MCX has broken the resistance of 48,000 where most of the sellers have placed their stop losses
The surge in volume showed that gold is now in strong hands and may head towards the 49,000 levels in the next trading sessions
United States dollar and Treasury yields have also eased, which is favourable for gold prices trend."He suggested, "Buy Zone near - Rs
48,150 for the target of Rs 48,500
Sell Zone below - Rs 48,000 for the target of Rs 47,800."Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "Gold and silver
prices are showing strength now on the daily chart
Momentum indicator RSI also cited the same in hourly as well as daily charts
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 48,377, Support 1 - Rs 48,200, Support 2 -
Rs 48,000, Resistance 1 - Rs 48,500, Resistance 2 - Rs 48,660
March Silver closing price Rs 64,405, Support 1 - Rs 64,000, Support 2 - Rs 63,500, Resistance 1 - Rs 65,250, Resistance 2 - Rs 65,700."
