On Tuesday, November 30, futures prices for gold and silver jumped in response to global market trends.
On Tuesday, November 30, futures prices for gold and silver jumped in response to global market trends. As of the time of this writing, gold futures on the Multi Commodity Exchange (MCX) were 0.55 per cent higher than their previous closing of 47,587. At 61,915 a troy ounce, silver futures for delivery on December 3 were up 0.45 per cent from their closing price.
On Tuesday, domestic 24-carat spot gold and silver started at a price of 48,114 per 10 grammes, respectively, according to Mumbai-based industry group India Bullion and Jewellers Association (IBJA). Both of these values exclude GST (goods and services tax) (IBJA).
Rates of Exchange:
As investors weighed the implications of the Omicron coronavirus strain on the global economy, gold prices rose globally. This was helped along by a weaker US dollar. In the $1,787.70 per ounce range, spot gold gained 0.2%. Prices for gold futures rose 0.3 per cent in the United States. Gold’s cost to purchasers in currencies other than the U.S. dollar fell by 0.1 per cent as the dollar index dipped.
Analyst’s Perspective:
Proficient Equities Ltd.’s founder and director, Manoj Dalmia, says: “Gold is attempting to re-establish itself above the several support levels of 200 and 50-day averages after last week’s sell-off. Gold’s short-term trend is down, while the long-term trend is still turbulent. In terms of gold bulls, the current range of 48,000-47,300 is the last line of defence. There is a greater possibility of a drop to 47,000 and then to 46,480 if the price breaks below 47,250. Gold bulls must seize control of the market if the price closes over 48,000.”
VP & Head of Research, ShareIndia Ravi Singh: “Due to expiration pressure, gold on the Comex is trading sideways. Federal Reserve Chairman Jerome Powell’s hearing before the US Senate on Wednesday, titled “Coronavirus and the CARES Act,” is expected to be eagerly watched by traders. Gold prices may break over the MCX resistance of 47,700 if Powell pledges markets of endless support in the case of a developing epidemic.”
He said, “Buy Zone above – 47,700 for the aim of 48,000; Sell Zone below – 47,300.”
