Domestic spot gold with purity of 24 carats opened at Rs 48,076 per 10 grams.

Gold Price In India: Gold and silver futures fell on Tuesday, November 23, taking cues from the international spot prices. On the Multi Commodity Exchange (MCX), gold futures due for a December 3 delivery, were last seen 0.37 per cent down at Rs 47,744, compared to the previous close of Rs 47,923. Silver futures due for a December 3 delivery were last seen 1.30 per cent lower at Rs 63,733 against the previous close of Rs 64,571.

Domestic spot gold with purity of 24 carats opened at Rs 48,076 per 10 grams on Tuesday, and silver at Rs 64,532 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 23/11/2021#IBJApic.twitter.com/iPbIVrYXrs

— IBJA (@IBJA1919) November 23, 2021

Foreign Exchange Rates:

Globally, gold prices held close to a more than two-week low, as the dollar jumped on bets for quicker interest rate increases after U.S. President Joe Biden backed Federal Reserve Chair Jerome Powell for a second term. Spot gold was little changed at $1,805.95 per ounce, after sliding to its lowest since November 5 on Monday. U.S. gold futures was steady at $1,805.50.

Analysts View:

Manoj Dalmia, Founder and Director – Proficient Equities Ltd.: “There was a significantly big sell off in gold on Monday. However, prices are still quoting above the important moving averages of 100 and 50 days and the intermediate trend still remains upward for gold. The trend is shown with an upward slopping line in the adjoined diagram, starting from the September low of Rs 45,769. The September high of Rs 47,550 was an important resistance for gold and the current uptrend was set into motion when this resistance got breached in early November. This erstwhile resistance is now expected to provide support for gold.”

Ravi Singh, Vice President and Head of Research, ShareIndia: “Gold fall nearly 2 per cent yesterday as the dollar jumped after U.S. Fed Chair Powell was nominated for a second term, driving expectations that the central bank may stay the course on tapering economic support. After this news, the US treasury yields surged as traders are perceiving that a more dovish policy may paving it’s way. We expect this weakness may continue till Rs 47,500.

He suggested, “Buy Zone above – Rs 48,250 for the target of Rs 48,500; Sell Zone below – Rs 47,850 for the target of Rs 47,500.”

Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd.: “Yesterday we saw huge profit booking in bullions at higher levels. As per the technical chart, overall structure of gold and silver are looking positive. Momentum indicator RSI also cited the same in hourly chart and trading at oversold zone. 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 47,923, Support 1 – Rs 47,650, Support 2 – Rs 47,350, Resistance 1 – Rs 48,200, Resistance 2 – Rs 48,470. December Silver closing price Rs 64,571, Support 1 – Rs 64,000, Support 2 – Rs 63,600, Resistance 1 – Rs 65,020, Resistance 2 – Rs 65,500.”