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. Silver futures due for a March 4 delivery were last seen 0.25 per cent up at Rs 64,565 against the previous close of Rs 64,405.Domestic spot 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).#Gold and #Silver Opening #Rates for 20/01/2022#IBJApic.twitter.com/EEX50NOqrr— IBJA (@IBJA1919) January 20, 2022Foreign Exchange Rates:Globally, gold prices edged down, hovering near a two-month high, with a weaker U.S. 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. U.S. 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. U.S. 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.”
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