Domestic spot gold with a purity of 24 carats opened at Rs 47,518 per 10 grams.

Gold Price In India: Gold and silver futures fell on Monday, January 10, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a February 4 delivery, were last seen 0.13 per cent down at Rs 47,390, compared to the previous close of Rs 47,452. Silver futures due for a March 4 delivery were last seen 0.39 per cent lower at Rs 60,370 against the previous close of Rs 60,607.

Domestic spot gold with a purity of 24 carats opened at Rs 47,518 per 10 grams on Monday, and silver at Rs 60,054 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, old prices eased as traders awaited December U.S. inflation data that could stress the need for earlier-than-anticipated interest rate hikes by the Federal Reserve. Spot gold was down 0.2 per cent to $1,792.43 per ounce, after hitting its lowest level since December 16 of $1,782.10 on Friday. U.S. gold futures fell 0.3 per cent to $1,791.20.

Analyst View:

Amit Khare, AVP- Research Commodities, Ganganagar Commodity Ltd: “Gold and silver showed positive movement on January 7 trading session. On the MCX, February gold contracts closed slightly up by 0.002 per cent at Rs 47,452 for 10 grams. While March contract Silver futures closed at Rs 60,607 a kilogram, 0.30 per cent down. Yesterday February Gold made a high of Rs 47,586 then made a low of Rs 47,300; and silver made a low of Rs 60,012 then made a high of Rs 60,725. As per daily technical chart, gold and silver are now trading at demand zone. We can see a short covering rally in bullions any time. Momentum indicator RSI also cited the same in hourly as well as daily chart.”

He suggested, “Traders are advised to create fresh buy positions near given support levels. They should focus important technical levels given below for the day: February Gold closing price Rs 47,452, Support 1 – Rs 47,300, Support 2 – Rs 47,150,  Resistance 1 – Rs 47,500, Resistance 2 – Rs 47,630. March Silver closing price Rs 60,607, Support 1 – Rs 60,000, Support 2 – Rs 59,600, Resistance 1 – Rs 60,800, Resistance 2 – Rs 61,500.”

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