INSUBCONTINENT EXCLUSIVE:
Globally, gold prices fell towards previous session's one-week low.Gold Price In India: Gold and silver futures traded flat on Wednesday,
January 19, amid muted global trend
On the Multi Commodity Exchange (MCX), gold futures, due for a February 4 delivery, edged higher and were last seen 0.02 per cent up at Rs
47,935, compared to the previous close of Rs 47,926
Silver futures due for a March 4 delivery were last seen 0.10 per cent up at Rs 63,085 against the previous close of Rs 63,019.Domestic
spot gold with a purity of 24 carats opened at Rs 48,204 per 10 grams on Wednesday, and silver at Rs 63,004 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, gold prices fell towards previous session's one-week low as the prospect of aggressive rate hikes by the U.S
Federal Reserve sent benchmark Treasury yields to two-year highs, reducing the appeal of non-yielding bullion
Spot gold was down 0.2 per cent at $1,810.90 per ounce, after falling to a one-week low of $1,805 an ounce on Tuesday
gold futures dipped 0.1 per cent to $1,810.80.Analyst View:Ravi Singh, Vice President and Head of Research, ShareIndia: "Gold prices in
Comex is trading flat, pressured by higher U.S
Treasury yields, as investors looked for clues about the Federal Reserve's interest rate hike timeline from its policy meeting next week."He
suggested, "Buy Zone above - Rs 48,000 for the target of Rs 48,500
Sell Zone below - Rs 47,700 for the target of Rs 47,500."Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "Gold and silver
prices are showing some strength now on daily chart
Momentum indicator RSI also cited the same in hourly as well as daily chart
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 47,926, Support 1 - Rs 47,800, Support 2 -
Rs 47,650, Resistance 1 - Rs 48,100, Resistance 2 - Rs 48,230
March Silver closing price Rs 63,019, Support 1 - Rs 62,500, Support 2 - Rs 62,000, Resistance 1 - Rs 63,500, Resistance 2 - Rs 64,100.
