Gold Silver Rates Decline On Global Cues

Homemade spot gold with a purity of 24 carat opens at 47,927 rupees per 10 grams.

Indian Gold Prices: Gold futures fell on Friday 29 October, inspired by international spot prices. Gold futures finally traded on the Multi Commodity Exchange (MCX) on Dec. 3 at Rs 47,760, 0.41% lower than the previous closing price of Rs 47,961. Silver futures, which will ship on Dec. 3, are valued at 64,142 rupees, down 1.22% from their previous closing price of 64,931 rupees.

Indian Bar and Jewelers Association (IBJA), an industry group based in Mumbai.

Exchange rate:

Globally, gold prices will rise for the third week in a row as US bond yields plunge and a lukewarm dollar makes bullion protection more attractive. Spot gold was steady at $1,797.82 an ounce but up 0.3 percent so far this week. US gold futures fell 0.2% to $1,799.40 an ounce.

Analyst opinion:

ShareIndia, Vice President and Head of Research, Ravi Singh: “India’s gold demand stood at 139.1 tonnes in July-September, an increase of 47% year on year, following economic shocks and rebounding consumer demand,” the World Council on Gold said in a report.

Ricefield. Gold demand in India has returned to pre-Covid levels and the outlook looks good. In addition, yesterday’s forecast showed that US GDP rose 2% for the third quarter, compared to the market’s expected growth of 2.7%. MCX Gold This week should be a peg range due to the uptrend. ”

He advised, “Buy area and sell Rs 47,850 for Rs 48,150, sell Rs lower and Rs 47,700 for Rs 47,500”.

Amit Kale, AVP-Ganganagar Products Co., Ltd. Research Products: “Yesterday in December gold prices touched a low of 47,746 rupees, followed by a low of 48,229 rupees, silver as low as 64,680 rupees and a high of 65,347 rupees. The RSI momentum indicator also hit next.

Traders are encouraged to take new short positions in gold and silver with a small rally near certain resistance levels, the same is quoted on the daily chart: December gold closes 47,961 rupees, supports 1-47,650 rupees, supports Rs 2 rupees 47,500, resistance 1-Rs 48,100, resistance 2-Rs 48,260.

December closing price of silver Rs 64,931, support 1-Rs 64,500, support 2-Rs 64,000, resistance 1-Rs 65,300, resistance 2-Rs 66,000.”

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