Gold Price Today Rises Slightly to Rs 49,000, Still Cheaper Than All-Time High

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posted on 2 years ago — updated on 1 second ago

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On the Multi-Commodity Exchange (MCX) at 9:45 am, the gold futures were up by 0.14 percent to Rs 49,109 for 10 grams, while the silver gained 0.28 percent to Rs 66,419 a kilogram.

Gold and silver rates fluctuated on Tuesday, November 16, and both the metals, in the international market, settled on a weaker note. However, on November 17 the gold prices inched higher but hovered around a recent low after the dollar remained close to a 16-month high, post the jump in US retail sales. On the Multi-Commodity Exchange (MCX) at 9:45 am, the gold futures were up by 0.14 percent to Rs 49,109 for 10 grams, while the silver gained 0.28 percent to Rs 66,419 a kilogram.

Manoj Kumar Jain from Prithvi Finmart Commodity Research,told Money Control that they expect both the precious metals to remain volatile in today’s (November 17) session. According to Jain, Gold is expected to hold $1832 (Rs. 1,36198.02) per troy ounce and silver $24.50 (Rs. 1821.43) per troy ounce level. “Gold has support at $1,844-1,832 (Rs. 1,37090.15 – Rs. 1,36198.02) per troy ounce and resistance at $1,866-1,878 (Rs. 138725.72 – Rs. 139617.84) per troy ounce,” he said. Meanwhile silver has support at $24.70-24.44 (Rs. 1836.29 – 1816.96) per troy ounce and resistance at $25.20-25.55 (Rs. 1873.47 – Rs. 1899.49) per troy ounce.

According to the Indian Bullion and Jewellers Association, the highest purity gold, in the spot market, was priced at Rs 49,553 per 10 grams. The silver was sold at Rs 66,883 per kg on Tuesday (November 16). It has been observed that post-Diwali, the spot price of gold jumped more than Rs 1,850 per 10 grams and silver gained about Rs 3,300 per kg during the period under review.

Proficient Equities’Founder and Director, Manoj Dalmia statedthere are several technical shreds of evidence that indicate gold will remain pretty bullish in the near future. Citing the adjoined weekly chart of the MCX Dec contract, Dalmia said that the intermediate downtrend was terminated early in October with a falling wedge pattern. “The breakout was accompanied by good volume as well,” he added.

ShareIndiaVice-President & Head of Research, Ravi Singh opined that the higher US bond yields and the stronger dollar had pushed the gold prices down on November 16. He said that the tug of war between bulls and bears is keeping gold in the range-bound zone. Singh believes that the gold will show some upward move this week.

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