Gold Prices Today: Gold, Silver Rates Drop On Dhanteras
Gold Price In India: Gold and silver futures fell on Tuesday, November 2, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen 0.17 per cent down at Rs 47,820 this Dhanteras, compared to the previous close of Rs 47,903. Silver futures due for a December 3 delivery were last seen 0.20 per cent lower at Rs 64,660 against the previous close of Rs 64,791.
Dhanteras marks the beginning of Diwali festivities, and people consider it as an auspicious day to buy gold or utensils. The day is also observed by believers as the birth anniversary of Dhanvantri, the God of Ayurveda.
Domestic spot gold with purity of 24 carats opened at Rs 47,904 per 10 grams on Tuesday, and silver at Rs 64,402 per kilogram - both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
Foreign Exchange Rates:
Globally, gold prices eased on Tuesday, hurt by an uptick in the dollar as investors await a policy meeting of the U.S. central bank for clues to how it will fight growing inflationary pressures and worries over weaker economic growth. Spot gold dipped 0.1 per cent to $1,791.23 per ounce. U.S. gold futures GCv1 dropped 0.2 per cent to $1,791.80. The dollar index edged up 0.1 per cent.
What Analysts Say:
Manoj Dalmia, Founder and Director - Proficient Equities Ltd: "Gold has taken out its September high Rs 47,783, but also facing resistance at 200-day average at the same level and consolidating within a range of Rs 48,200 vs Rs 47,500 for the past one week or so. However on daily chart, we notice the higher bottom formations and also the recent high of Rs 48,200. Chances are high that this recent October high will also be surpassed & that will confirm the intermediate uptrend. From the perspective of seasonality, the month of November has been moderately bullish for Gold in past five years and as long as Gold December keeps above Rs 47,230, there are possibility for yellow metal to take higher highs from the current levels."
Ravi Singh, Vice President and Head of Research, ShareIndia: "Today is Dhanteras which is a significant Hindu occasion, on which people usually purchase gold and silver in the form of jewellery and utensils. This year it is expected to witness a surge in the sale of gold and silver jewellery. Lot of offers and discounts are also in market by jewellers to attract customers. Gold prices in MCX is moving in a closed range, we expect this movement to continue for few more trading session with an upward bias.
He suggested, "Buy Zone - Rs 47,850 for the target of Rs 48,100; Sell Zone Below - Rs 47,700 for the target of Rs 47,500."
Amit khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "Yesterday we saw good buying in bullions at lower levels, Which may continue for next few trading sessions. Today is a auspicious festival of Dhanteras and as per Indian belief, today's buying of Gold Silver are very lucky. So we can see a good buying in bulions in next 1-2 trading sessions. As per technical chart both metals are ready for upside movement again. Momentum indicator RSI also cited the same on daily chart. Traders are advised to make fresh buy positions in gold and silver in small dips near given support levels. They should focus important technical levels given for the day: December Gold closing price Rs 47,903, Support 1 - Rs 47,700, Support 2 - Rs 47,500, Resistance 1 - Rs 48,121, Resistance 2 - Rs 48,400. December Silver closing price Rs 64,791, Support 1 - Rs 64,300, Support 2 - Rs 63,700, Resistance 1 - Rs 65,210, Resistance 2 - Rs 65,820."
Nish Bhatt, Founder & CEO, Millwood Kane International: "Indians' love for gold knows no bounds, it is the second-largest consumer of gold. In the run-up to the festive and marriage season coupled with unlocking across India, the demand for gold is likely to pick up, helping the price. After posting stellar gains for the past few years, the yellow metal has been trading range-bound in the past 12 months. Concerns of tapering, strengthening dollar, and high rate of vaccination have dampened prospects for gold. Going forward, the actions by the global central banks mainly the US Fed on the liquidity tightening will guide gold prices."
