Domestic spot gold with purity of 24 carats opened at Rs 49,219 per 10 grams.

Gold Price In India: Gold and silver futures fell on Thursday, November 18, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen 0.47 per cent down at Rs 49,062, compared to the previous close of Rs 49,292. Silver futures due for a December 3 delivery were last seen 0.50 per cent lower at Rs 66,290 against the previous close of Rs 66,625.

Domestic spot gold with purity of 24 carats opened at Rs 49,219 per 10 grams on Thursday, and silver at Rs 66,283 per kilogram – both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).

#Gold and #Silver Opening #Rates for 18/11/2021#IBJApic.twitter.com/xmMK8DtNfv

— IBJA (@IBJA1919) November 18, 2021

Foreign Exchange Rates:

Globally, gold prices held steady as uncertainty over the pace at which central banks would eventually need to hike interest rates to curb rising inflation countered support from a softer dollar. Spot gold was little changed at $1,865.95 per ounce. U.S. gold futures dropped 0.1 per cent to $1,868.70.

Analysts View:

Manoj Dalmia, Founder and Director, Proficient Equities Ltd: “Several technical evidences pointing out that gold will likely remain pretty bullish in near future. The adjoined weekly chart of MCX December contract shows that the intermediate downtrend had terminated early October with a falling wedge pattern. The breakout was accompanied by good volume as well. The short term target for gold is now Rs 50,500. Corrections will therefore be buying opportunities in gold with stop loss at supports over Rs 48,870 and Rs 48,200.

Ravi Singh, Vice President and Head of Research, ShareIndia: “Gold in MCX is approaching resistance of Rs 49,500 and in COMEX $1880 on daily basis. An upside breakout in gold is expected in coming days. Till then, we expect gold to be in consolidation mode. Any fresh triggers may give a momentum to gold prices else the choppy trade may sustain for few more trading sessions. Dips buying is recommended at this level.

He suggested, “Buy Zone near – Rs 49,000 for the target of Rs 49,500; Sell Zone below – Rs 48,800 for the target of Rs 48,500.”

Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd.: “Yesterday we saw some buying in bullions at lower levels which may continue for next few trading sessions. As per technical chart overall structure of gold and silver are looking positive. Momentum indicator RSI also cited the same on daily chart. So traders are advised to create fresh longs in small dips near given support levels. They should focus on important technical levels given for the day: December Gold closing price Rs 49,292, Support 1 – Rs 49,100, Support 2 – Rs 48,900,  Resistance 1 – Rs 49,400, Resistance 2 – Rs 49,725. December Silver closing price Rs 66,625, Support 1 – Rs 66,200, Support 2 – Rs 65,500, Resistance 1 – Rs 67,000, Resistance 2 – Rs 67,500.”