Gold Price Today: Gold Futures Edge Higher To Rs 49,600/10 Grams Mark As Dollar Dips

Gold Rates Today: Domestic spot gold settled at Rs 49,296 per 10 grams on Tuesday.

Gold Price In India: Domestic gold futures edged increased on Wednesday monitoring world benchmarks and weak spot within the US greenback, which made the yellow metallic cheaper for traders dealing in different currencies. Multi Commodity Exchange (MCX) gold futures, due for a February 5 expiry, gained by Rs 183, or 0.37 per cent, to the touch the Rs 49,626 per 10 grams mark on the strongest degree recorded through the session. At 10:08 am, the gold contract traded 0.26 per cent increased at Rs 49,573 per 10 grams, whereas the silver contract, due for a March 5 expiry, quoted increased by Rs 341, or 0.53 per cent, at Rs 65,194 per kilogram. (Also Read: Is Silver The New Gold?) 

Globally, Comex gold futures traded 0.29 per cent increased at $1,860.60 per ounce on the final depend, having risen as a lot as 0.37 per cent to $1,862.20 per ounce earlier. 

The rupee traded 0.18 per cent stronger at 73.51 towards the US greenback in comparison with its earlier shut. The greenback index — which gauges the buck towards six currencies — traded 0.06 per cent decrease.  

#Gold and #Silver Closing #Rates for 15/12/2020#IBJApic.twitter.com/DoGZpQxuhF

— IBJA (@IBJA1919) December 15, 2020

Domestic spot gold closed at Rs 49,296 per 10 grams on Tuesday, and silver at Rs 63,170 per kilogram — each excluding GST, in response to Mumbai-based business physique India Bullion and Jewellers Association (IBJA). 

What Analysts Say

Ravindra Rao, VP-head commodity analysis, Kotak Securities:

COMEX gold trades increased close to $1,860/ouncesafter a 1.three per cent acquire yesterday. Supporting the gold value are US policymakers’ efforts to finalize a stimulus deal, hopes of a free financial coverage stance of central banks, uncertainty round Brexit and rising coronavirus circumstances.

However, persevering with alternate traded fund outflows and progress on the vaccine entrance are weighing on the worth. 

Kshitij Purohit, lead foreign money and commodity, CapitalVia Global Research:

The MCX Gold February contract is buying and selling bullish, having given a detailed above the Rs 49,200 mark which is a 21-day easy transferring common, indicating {that a} optimistic momentum will proceed.

The draw back help for the yellow metallic is at Rs 49,000-48,600, and resistance at Rs 49,700.