INSUBCONTINENT EXCLUSIVE:
Domestic spot gold with a purity of 24 carats opened at Rs 48,168 per 10 grams.Gold Price In India: Gold futures fell sharply on Friday,
February 4, amid steady international spot rates
On the Multi Commodity Exchange (MCX), gold futures, due for a February 4 delivery, were last seen 1.77 per cent lower at Rs 47,000,
Silver futures due for a March 4 delivery were last seen 0.64 per cent higher at Rs 61,119 against the previous close of Rs 60,732.Domestic
spot gold with a purity of 24 carats opened at Rs 48,168 per 10 grams on Friday, and silver at Rs 60,751 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 supported by a weak dollar as markets awaited a vital United States jobs data that could impact the
Federal Reserve's latest hawkish stance on monetary policy
Spot gold edged up 0.1 per cent to $1,806.47 per ounce United States gold futures were up 0.2 per cent at $1,807.20.Analyst View:Ravi
Singh, Vice President and Head of Research, ShareIndia: "Gold prices in Comex is holding above $1,800 an ounce as central banks globally
attempt to rein in persistently high inflation, while volatility in equities and simmering geopolitical tensions between Russia and Ukraine
are providing support for the haven asset
Also, US January's employment report due Friday is expected to be weak which will further support gold prices to advance."He suggested,
"Buy Zone above - Rs 48,000 for the target of Rs 48,300
Sell Zone below - Rs 47,750 for the target of Rs 47,500."Gold is considered a hedge against inflation and geopolitical risks, but interest
rate hikes would raise the opportunity cost of holding non-yielding bullion.
