New Delhi | Jagran Business Desk: The yellow metal traded above ₹ 48,000 on Tuesday, December 7. Taking the trading cues from the international spot prices, Gold and silver futures showed an increase.
On the Multi Commodity Exchange (MCX), gold futures were 0.2 per cent up at ₹ 48,011, compared to the last day’s closing figure of ₹ 47,914.
Silver futures were last seen 0.54 per cent up at ₹ 61,602 against the last day’s closing figure of ₹ 61,270.
Domestic spot gold with a purity of 24 carats opened at ₹ 47,831 per 10 grams on Tuesday, and silver at ₹ 61,137 per kilogram – both rates excluding GST (Goods and Services Tax), according to India Bullion and Jewellers Association (IBJA).
Highlights of Gold Prices for Monday, December, 7, 2021
Gold prices were reported to be below ₹ 48,000 mark on Monday, although a steady surge in the prices of yellow metal continued worldwide amid the fears of widespread restrictions due to Omicron spread. Gold was largely steady in Indian markets on Monday amid flat global rates.
In the last trading session before Monday, gold had jumped 1 per cent or ₹550 per 10 gram while silver had risen 0.73 per cent or ₹444 per kg.
On the MCX (Multi-Commodity Exchange), the Gold contracts were up 0.10 per cent to ₹ 47,951 for 10 grams at 11:30 hrs on Monday.
Silver prices, meanwhile, were up 0.17 per cent to ₹ 61,618 per kilogram on Monday.
Gold and Silver trading at oversold zone: Expert
“We are seeing huge volatility in bullions and this may continue for the month of December. As per technical chart, gold and silver are trading at oversold zone, momentum indicator RSI also indicates the same on the hourly as well as daily chart. The current levels are the best prices for short-term investors. So, short-term investors are advised to create fresh longs on small dips near given support levels, traders should focus important technical levels,” Amit Khare, AVP- Research Commodities, Ganganagar Commodity, was quoted as saying by Moneycontrol.
According to news agency Reuters, in the international market, gold prices were flat on Monday due to subdued US bond yields. Spot gold slightly rose to $1,782.95 per ounce while US gold futures were flat at $1,783.60,
