INSUBCONTINENT EXCLUSIVE:
Domestic spot gold with purity of 24 carats opened at Rs 47,379 per 10 grams on Monday.Gold Price In India: Gold futures traded higher on
Monday, October 18, as the yellow metal took cues from international spot prices
On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen trading higher by 0.11 per cent - at Rs
47,265, compared to the previous close of Rs 47,213
Silver futures due for a December 3 delivery were last up 0.16 per cent at Rs 63,371 against a previous close of Rs 6,3271.Domestic spot
gold with purity of 24 carats opened at Rs 47,379 per 10 grams on Monday, and silver at Rs 6,3186 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
rates rose as US bond yields and the dollar softened
Spot gold climbed 0.2 per cent to $1,770.26 per ounce
US gold futures were up 0.1 per cent at $1,770.50
Benchmark US 10-year Treasury yields eased after rising to a high of 1.5904 per cent
The dollar index dropped 0.6 per cent to 93.992.What Analysts Say:Ravi Singh, Vice President and Head of Research, ShareIndia: "According to
data from the Commerce Ministry, gold imports increased to about $24 billion during April-September 2021 from $6.8 billion y-o-y
(year-on-year) due to higher demand in the country during festive and marriage season
The correction in gold is due to profit booking and the recently published FOMC (Federal Open Market Committee) meeting minutes of September
21-22 meeting which indicated that the US central bank could begin tapering its $120 billion monthly bond purchase program starting from
mid-November or mid-December."He added, "Buy Zone above - Rs 47,250 for the target of Rs 47,500 and Sell below - Rs 47,000 for the target of
46,750."Amit khare, AVP, Research Commodities, Ganganagar Commodity Ltd: "Gold and silver showed profit booking on the October 15 trading
On the Multi-Commodity Exchange (MCX), December gold contracts closed down by 1.40% at Rs 47,213 for 10 grams
While December contract Silver futures closed at Rs 63,271 a kilogram, 0.45% down
Yesterday, we saw profit booking in bullions at higher levels, now both metals are again trading at demand zone
Overall technical charts of Gold Silver are strong, Momentum indicator RSI also indicating the same
So traders are advised to make fresh long positions in Gold and Silver near given support levels, traders should focus important technical
levels given below for the day: December Gold closing price Rs 47,213, Support 1 - Rs 47,050, Support 2 - Rs 46,850, Resistance 1 - Rs
47,520, Resistance 2 - Rs 47,700."He added, "December Silver closing price Rs 63,271, Support 1 - Rs 62,800, Support 2 - Rs 62,200,
Resistance 1 - Rs 63,710, Resistance 2 - Rs 64,335.
