Gold price in India jumped sharply on Monday, November 8. On the Multi-Commodity Exchange (MCX), December gold price rose 0.30 per cent to Rs 48,114 for 10 grams at 0950 hours on November 8. Silver price also witnesses an increase on Monday. Silver was trading at Rs 64,820, up by 0.76 per cent on November 8.
Last week, the Federal Reserve had announced tapering of its asset purchases. The US economy had added more than 500,000 jobs in October. Rising inflation pressures and central banks that are in no hurry to raise interest rates are boosting sentiment in the gold market as prices look to end the last week above $1,800 an ounce. The 10-year US Treasury note yield was fetching 1.45 per cent.
“We saw good buying in bullions at lower levels which may continue for next few trading sessions. As per technical chart both metals are ready for upside movement, Momentum indicator RSI also indicating the same on daily chart. So traders are advised to make fresh buy positions in Gold and Silver in small dips, traders should focus important technical levels given below for the day:
December Gold closing price Rs 47,972, Support 1 – Rs 47,700, Support 2 – Rs 47,500, Resistance 1 – Rs 48,200, Resistance 2 – Rs 48,400. December Silver closing price Rs 64,332, Support 1 – Rs 64,000, Support 2 – Rs 63,500, Resistance 1 – Rs 65,000, Resistance 2 – Rs 65,650,” said Amit Khare, AVP- research commodities, Ganganagar Commodity Limited.
Read all the Latest India News here
Comments
0 comment