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This article is more than 2 month old.

Gold Price Today: Yellow metal futures steady above Rs 48,000 mark; time to take positions?

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Domestic gold and silver futures moved within a tight range on Tuesday. Weakness in the dollar made gold more attractive for holders of other currencies.

Gold Price Today: Yellow metal futures steady above Rs 48,000 mark; time to take positions?
Domestic gold and silver prices moved within a narrow range on Tuesday tracking global benchmarks. Weakness in equities boosted the safe-haven appeal of the precious metals and depreciation in the dollar made them more attractive for holders of other currencies.
At 3:00 pm, MCX gold futures for a delivery on December 3 quoted at Rs 48,094 per 10 grams, up by Rs 76 or 0.2 percent compared with their previous close. Silver futures were down by seven rupees at Rs 64,874 per kilogram.
Globally, the yellow metal was steady, consolidating near a two-month high scaled in the previous session, as a weak dollar offset firm US bond yields.
Spot gold was flat at $1,824.9 per ounce. US gold futures were down 0.1 percent at $1,826.1 per ounce. Silver was down 0.2 percent at $24.4 per ounce.
On Monday, the global gold benchmark hit its highest level recorded since September  7, as the dollar softened and major central banks signalled inflation would likely fade and immediate interest rate hikes were not required.
Gold has benefited from near-zero interest rates introduced during the COVID-19 pandemic as they reduce bullion’s opportunity cost.
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Back home, the rupee gained by 13 paise to 73.90 against the US dollar.
The dollar index - which measures the greenback against six other currencies - declined 0.1 percent.
On Dalal Street, benchmark indices Sensex and Nifty50 suffered minor losses dragged by financial stocks amid choppy trade.  Catch latest market updates here
Typically, gains in equities dent the safe-haven appeal of bullion and vice versa.
Is it a good time to take positions now?
Manoj Dalmia, Founder and Director at Proficient Equities, expects domestic gold futures to move higher going forward. After the September high was taken out at Rs 48,000 levels, gold terminated its lower top formation, resulting in the end of its primary downtrend, he said.
"As of now, the intermediate trend for gold is up," he added.
Ajay Kedia of Kedia Advisory recommends buying the near-month gold futures contract at Rs 47,900 for targets of Rs 48,250 and Rs 48, 550 with a stop loss at Rs 47,600. He suggests buying silver futures at Rs 64,600 for targets of Rs 65,250-66,000 with a stop loss at Rs 64,000.
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