Price of Gold in India: Gold futures traded slightly higher on Thursday, October 14 as the yellow metal took notes from international spot prices. On the Multi Commodity Exchange (MCX), gold futures for delivery on December 3 traded 0.06 per cent higher at Rs 47,948, compared to Rs 47,948 in the previous session. Silver futures for December 3 delivery rose 0.48 per cent to Rs 63,190 from Rs. Before 62,887.
Domestic spot gold with 24 carat purity traded lower at Rs. 47,959 and Rs. 62,693 per kg of silver – two rates excluding GST (Goods and Services Tax).
And Opens To 14/10/2021
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Gold, commonly seen as a hedge against inflation, added the soft US dollar to its strength. Spot gold was up 1.9% at $ 1,792.91 an ounce. US gold futures rose 1.92% to $ 1,792.00 an ounce.
The dollar index was down 0.42% at 94,033 from 94,563 a year earlier.
What analysts say:
Sandeep Mehta, Founder, TRADEIT Investment Adviser: “Precious metal recorded strong gains in September on the back of a slight rise in US inflation data. Gold on the MCX rose throughout the day with a rally of nearly a thousand points and the bulls gained technically. Is positive and market participants are advised to follow key key positions on both sides.
He added, “The key level for the Gold December deal is Rs 47,682; buy the zone above the Rs 48,200-48,500 target-47,700; sell the zone below the Rs 47,500-66,445 target at Rs 47,650.”
Ravi Singh, Vice President and Head of Research, ShareIndia: “The IMF in its July report cut its global growth forecast for 2021 from 6% to 5.9%. Unshakable confidence in global economies pushed gold prices higher.
He suggested, “Buy Rs 47,700 for Rs 48,200 target; sell the zone below – Rs 47,400 target Rs 47,600.”