Gold Prices Today: Gold Trades Above Rs 48,000 On Global Cues; Silver At Rs 61,602

Gold Price In India: Gold and silver futures climbed on Tuesday, December 7, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a February 4 delivery, were last seen 0.2 per cent up at Rs 48,011, compared to the previous close of Rs 47,914. Silver futures due for a March 4 delivery were last seen 0.54 per cent higher at Rs 61,602 against the previous close of Rs 61,270.

Domestic spot gold with a purity of 24 carats opened at Rs 47,831 per 10 grams on Tuesday, and silver at Rs 61,137 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:

Gold prices edged higher, supported by a softer greenback, though firmer U.S. Treasury yields and expectations that the Federal Reserve could tighten policy more aggressively capped gains of the non-yielding asset. Spot gold was up 0.1 per cent at $1,780.60 per ounce. U.S. gold futures gained 0.2 per cent to $1,782.40

Analyst View:

Ravi Singh, Vice President and Head of Research, ShareIndia: "Gold prices in MCX is trading on cues from international rates. The new variant Omicron has put a break on the domestic wedding demand till further clarity on the severity of the variant and it's outbreak. The traders are weighing more on the early tapering by Fed after data suggested the labour market was rapidly tightening, pushing gold to choppy zone."

He suggested, "Buy Zone above - Rs 48,000 for the target of Rs 48,500; Sell Zone below - Rs 47,700 for the target of Rs 47,400."

Amit Khare, AVP- Research Commodities, Ganganagar Commodity Ltd.: "We are seeing huge volatility in bullions and this may continue for full month of December. As per technical chart, gold and silver, both are trading at oversold zone. Momentum indicator RSI also cited the same in hourly as well as daily chart. The current levels are the best prices for short term investors. So short term investors are advised to create fresh longs for in small dips near given support levels. Traders should focus important technical levels given for the day: February gold closing price Rs 47,914, Support 1 - Rs 47,750, Support 2 - Rs 47,500,  Resistance 1 - Rs 48,055, Resistance 2 - Rs 48,200. March silver closing price Rs 61,270, Support 1 - Rs 60,600, Support 2 - Rs 60,000, Resistance 1 - Rs 62,000, Resistance 2 - Rs 63,000."