Domestic spot gold with purity of 24 carats opened at Rs 47,959 per 10 grams on Thursday.
Gold Price In India: Gold futures traded marginally higher on Thursday, October 14, 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 0.06 per cent – at Rs 47,948, compared to the previous close of Rs 47,916. Silver futures due for a December 3 delivery were last up 0.48 per cent at Rs 63,190 against a previous close of Rs 62,887.
Domestic spot gold with purity of 24 carats opened at Rs 47,959 per 10 grams on Thursday, and silver at Rs 62,693 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 14/10/2021#IBJApic.twitter.com/lCipsvIsQA
— IBJA (@IBJA1919) October 14, 2021
Foreign Exchange Rates:
Gold, usually seen as a hedge against inflation, shone as a softer US dollar added to its strength. Spot gold jumped 1.9% to $1,792.91 an ounce. U.S. gold futures climbed 1.92% to $1,792.00 an ounce.
The dollar index fell 0.42% to 94.033 from a one-year high of 94.563 struck the previous day.
What Analysts Say:
Sandeep Matta, Founder, TRADEIT Investment Advisor: “The precious metal posted strong gains due to slightly increase in US inflation data in September. Further US Federal Reserve minutes from the September meeting showed central bank officials looking to start reducing their bond-buying stimulus program as soon as mid-November or mid-December, with plans to wrap up in the middle of next year. Gold on MCX has also closed around day high with almost thousand-point rally and bulls have gain near term technical advantage. We are repeatedly advising market participants to remain long in gold from past few days and are still positive on yellow metal. The outlook is positive for today with some consolidation after this sharp rally and market participants are advised to follow key pivotal levels both the sides.”
He added, “Key level for Gold December Contract – Rs 47,682; Buy Zone above – 47,700 for the target of Rs 48,200-48,500; Sell Zone below – Rs 47,650 for the target of Rs 47,500-46,445.”
Ravi Singh, Vice President and Head of Research, ShareIndia: “The IMF cut its global growth forecast for 2021 to 5.9% from 6% in its July report, a result of a reduction in its projection for advanced economies to 5.2% from 5.6%. The shaky confidence on global economies has driven gold prices to higher levels.”
He suggested, “Buy Zone – Rs 47,700 for the target of Rs 48,200; Sell Zone below – Rs 47,600 for the target of Rs 47,400.”
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