Gold price marginally increased on Tuesday after a huge drop in the previous session. On the Multi-Commodity Exchange (MCX), December gold price jumped 0.17 per cent to Rs 47,130 at 0930 hours on October 12. Silver price remained flat on Tuesday.
Amit khare, AVP- Research Commodities, Ganganagar Commodity
Gold and silver prices were trading not far from unchanged in subdued midday U.S. trading Monday. Rising government bond yields recently and an appreciating U.S. dollar on the foreign exchange market are bearish elements for the safe-haven metals. However, Nymex crude oil pushing to a seven-year high of $82.18 a barrel today is a bullish factor for the metals markets. Traders are awaiting a fresh fundamental spark, possibly to come from U.S. data out this week that includes inflation readings Wednesday and Thursday. December gold futures were last down $0.40 at $1,757.00. December Comex silver was last down $0.01 at $22.695 an ounce.
The 10-year U.S. Treasury note yield is presently fetching 1.612%. Bond yields are on the rise, which has heightened fears of rising inflation or even stagflation, which is a combination of rising prices and slowing economic growth.
Gold and Silver showed a mixed movement on the 11th October trading session, On the Multi-Commodity Exchange (MCX), December gold contracts closed up by 0.03% at Rs 47,051 for 10 grams. While December contract Silver futures closed at Rs 61,744 a kilogram, 0.09% down. Yesterday December Gold made a low of 46864 then made a high of 47188, And Silver made a low of 61395 then made a high of 62215. Yesterday we saw some buying in Gold and Silver at lower levels, The charts of Bullions are looking strong and Indian festival seasons are also going so we can see continuous buying in Gold Silver for this festival season, Momentum indicator RSI also indicating the same, So traders are advised to create fresh long positions in Gold and Silver in small dips, traders should focus important technical levels given below for the day:
December Gold closing price 47051, Support 1 – 46900, Support 2 – 46700, Resistance 1 – 47230, Resistance 2 – 47500.
December Silver closing price 61744, Support 1 – 61200, Support 2 – 60700, Resistance 1 – 62230, Resistance 2 – 62850.