Domestic spot gold of 24 karat purity opened at Rs 48,275 for 10 grams
Gold Price in India: Gold and silver futures traded higher on Monday, February 7, taking inspiration from international spot rates. On the Multi Commodity Exchange (MCX), gold futures, which were due for delivery on February 4, were last seen up 0.18% at Rs 48,012, from the close previous close of Rs 47,924. Silver futures due for delivery on March 4 were last seen up 1.09% at Rs 61,510 from the previous close of Rs 60,849.
Domestic spot gold of 24-karat purity opened Monday at 48,275 rupees per 10 grams and silver at 61,331 rupees per kilogram – both rates excluding GST (goods and services tax), according to the Mumbai-based industry body India Bullion and Jewelers Association (IBJA).
#Gold and #Silver Opening #Rates for 07/02/2022#IBJApic.twitter.com/AMom3kJhA3
— IBJA (@IBJA1919) February 7, 2022
Foreign exchange rates:
Globally, gold prices rose as growing concerns about widening price pressures boosted the metal’s appeal as an inflation hedge and helped cushion the pressure of the rise in US Treasury yields after a surprisingly upbeat jobs report. Spot gold rose 0.2% to $1,810.38 an ounce, edging closer to its highest in almost a week last Friday, while U.S. gold futures edged up 0.2% to $1,812.10.
Analyst view:
Ravi Singh, Vice President and Head of Research, ShareIndia: “Gold prices in MCX showed gains and moving in a narrow range. Stronger dollar and US Treasury yields are keeping gold prices going. The Federal Reserve’s rate hike decision and rising inflation are the main factors driving gold prices.”
He suggested, “Buy zone above – Rs 48,100 for the Rs 48,400 target. Sell zone below – Rs 47,900 for the Rs 47,700 target.”
Amit Khare, AVP – Research Products, Ganganagar Commodity Ltd: “Gold and silver prices are again showing strength and creating a bottom. The momentum indicator RSI has also quoted the same in the hourly and daily charts, so traders are advised to create new long positions near the given support levels They should focus on the given technical levels for the day: April Gold Close Price Rs 47,924, Support 1 – Rs 47,800, Support 2 – Rs 47,650, Resistance 1 – Rs 48,200, Resistance 2 – Rs 48,300. March silver close price Rs 60,849, Support 1 – Rs 60,500, Support 2 – Rs 60,000, Resistance 1 – Rs 61,500 , Resistance 2 – Rs 62,225.”