Gold Prices Today: Gold, Silver Prices Decline On Global Cues

Gold Prices Today: Gold futures fell today, October 26, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen down 0.21 per cent – at ₹ 48,100, compared to the previous close of ₹ 48,200.

Gold Prices Today: Gold, Silver Prices Decline

Gold Prices Today: Silver futures due for a December 3 delivery were last seen down 0.74 per cent at ₹ 65,650 against the previous close of ₹ 66,139. Domestic spot gold with purity of 24 carats opened at ₹ 48,346 per 10 grams on Tuesday, and silver at ₹ 65,793 per kilogram – both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).

On the global front, gold prices edged lower, weighed down by an uptick in the US dollar. Spot gold fell 0.1 per cent to $1,805.96 per ounce. U.S. gold futures was flat at $1,806.60. The dollar rose 0.1 per cent, recovering from a near one-month trough hit during the previous session.

Manoj Dalmia, Founder and Director – Proficient Equities Ltd: “Currently gold is at around ₹ 48,200. It is in a bullish trend after it broke the major resistance level of ₹ 47,170. Strategy for trading in gold should be to buy at support levels. Gold can find support at around ₹ 47,120 and ₹ 47,540 areas.

Gold Prices Today: Gold, Silver Prices Decline

Target for gold, based on the width of bearish channel it made previously, can be ₹ 48,600 to ₹ 48,650 area. Resistance levels in gold are at ₹ 48,300 and ₹ 48,700 areas.”

Ravi Singh, Vice President and Head of Research, ShareIndia: “Gold MCX is technically in a very strong uptrend taking cues from the Comex Gold prices today which was also supported by increasing worries about problematic price inflation in US. The increasing demand in domestic gold due to improved retail buying and rising footfall at jewellery showrooms due to lucrative discounts and offers has hold the prices. Buy Zone – ₹ 48,000 for the target of ₹ 48,350; Sell Zone below – ₹ 47,900 for the target of ₹ 47,600. Buy Zone above – ₹ 47,300 for the target of ₹ 47,500; Sell Zone below – ₹ 47,100 for the target of ₹ 46,900.”

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Gold Prices Today: Gold, Silver Prices Decline On Global Cues via @marketinvestor
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