Gold Futures Trades Higher Finds Supports At Rs 46850

Gold futures were last trading at Rs 37, or 0.08% higher at Rs 48,055.

Indian Gold Prices: Gold futures traded slightly higher on Tuesday 9 November as the yellow metal reflects global market trends. On the Exchange (MCX), gold futures were trading at Rs 48,055 on Dec. 3, 37 or 0.08 percent higher than their previous closing price of Rs 48,018. Silver futures, which will be delivered on Dec. 3, are priced at 64,892 rupees, 0.02% higher than their previous closing price of 64,881 rupees.

According to Mumbai-based Bullion and Jewelery Association of India (IBJA), local spot gold opened Tuesday at 48,143 rupees per 10 grams and silver at 64,741 rupees per kilogram. Both prices do not include GST.

Gold in the international market:
Global gold prices remained near a two-month high on Tuesday as investors awaited key inflation data to gauge the Fed’s next rate hike, according to Reuters. Lower.

A weaker dollar and lower 10-year bond yields have not undermined bullion’s appeal. A weaker dollar will lower the price of gold bullion for buyers holding other currencies, and a lower rate of return will lower the opportunity cost of interest-free bullion.

Vice President of Product Research at Kotaku Securities, CMT, EPAT, Ravindra Lao:

COMEX gold is trading slightly higher around $1,820/ounce after rising 1.3% in the previous session. The US Federal Reserve Board decided to take the money crisis gradually. Gold trades up, supported by lower bond yields and inflation affecting support prices.

However, the focus on prices is on clear reports on employment in the US, and stock market and ETF outflows remain strong. Gold has rallied sharply in recent sessions in the absence of positive federal moves but could struggle to turn gains if risk sentiment improves. ”

Trading strategy:
dr. Ravi Singh, Vice President and Head of Research at Share India:

“The decline in US Treasury bond yields following the Fed’s beef approach to monetary tightening pushed gold prices higher. Inflation concerns made safe havens more attractive and kept prices down.

However, improved employment reporting in the United States, a strong stock market, and ETF outflows have put gold under pressure, forcing it to trade in limited territory. Gold is expected to rise this week

Purchase over 48,000 zones for 48,300 destinations. Sell ​​the following zone – 47800 against 47600 target ”

Amit Kale, AVP-Research Commodities, Ganganagar Commodities Limited:

“Yesterday, in December, gold hit a low of 47,815, then a high of 48,174, a bottom of 64,297 silver, and then a high of 65,038.

… Traders are encouraged to create new positions to buy gold and silver with small declines. Traders need to focus on the following key technical levels today:

Dec Fri closing price 48018, maintenance 1-47800, maintenance 2-47600, resistance 1-48225, resistance 2-48400″

Exchange rate:
The dollar fell below recent highs on Tuesday as traders waited for planned inflation in the United States and China to hit their latest interest rate outlook, but currency momentum hit record highs for bitcoin and ether. I pushed him. The rupee opened today at 73.90 against the US dollar, compared to the previous closing price of 74.02.

Amit Pavali, PhD, CR Forex:

“Prices hikes and what the central bank is planning will continue to be in the limelight in future inflation data. The focus on Wednesday will be on the US consumer price index in October. Inflation is expected to peak at 5.8% in October for more than a decade, making it difficult for the Fed to justify a rate cut.

The rising numbers mean that inflation is persistent rather than temporary and that the Fed will resume talks about raising interest rates sooner than expected, killing the stronger dollar.