Gold Price Today, 29 Dec 2021: Gold gives up Rs 48,000, silver prices fall too; check support, resistance

Gold Rate Today, Gold Price in India on 29 December 2021: Gold prices fell in India on Wednesday as international rates remained steady.

Gold Rate Today, Gold Price Today in India
Gold and silver are under pressure in the morning session as global stocks were mostly higher overnight.

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices fell in India on Wednesday as international rates remained steady. On Multi Commodity Exchange, gold February futures were trading Rs 77 or 0.16 per cent down at 47,965, against the previous close of Rs 48,042 per 10 gram. Silver March futures were trading Rs 69 or 0.11 per cent down at Rs 62,445 per kg. In the previous session, silver futures ended at Rs 62,514 per kg. Globally, yellow metal prices held steady in thin trade as a boost from weaker US Treasury yields countered the impact from a slight improvement in risk sentiment, according to Retuters. Spot gold was little changed at $1,804.78 per ounce while US gold futures dropped 0.3% to $1,805.20. 

Tapan Patel, Senior Analyst — Commodities, HDFC Securities

Gold prices traded steady on Wednesday with spot gold prices at COMEX were trading near $1807 per ounce in the morning trade. MCX Gold February contract opened lower near Rs. 48000 per 10 gram in line with decline in COMEX gold prices.  Gold prices  pared previous gains as investors sidelined omicron worries. The stronger dollar also kept pressure on yellow metal for the day. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1790 and resistance at $1820 per ounce. MCX Gold February support lies at Rs. 47800 and resistance at Rs. 48400 per 10 gram.

Bhavik Patel, Commodity/Currency Analyst, Tradebulls Securities

Gold and silver are under pressure in the morning session as global stocks were mostly higher overnight. Traders and investors continue to exhibit general risk-on attitudes that are bullish for the stock markets, and that is limiting the upside in the safe-haven metals. Gold once again failed to trade above its resistance zone of $1820-1825 and we have seen multiple times in 2021 then failing to clear the hurdle, gold loses its shine and plows back below $1800. In MCX, gold is near its support of 47900 and breach below that would see gold trade at 47600 to 47300. We continue to adhere to traders to keep their trades intraday due to low volume owing to the holiday season and any confirmed trend may only emerge next week.

Ravi Singh, Vice President & Head of Research, ShareIndia Securities

Gold prices were trading in a tight range amid low volumes due to the global year end. It may remain in consolidation mode this week. However, the new year celebrations are fuelling the possibility of Omicron widespread, that’s why the majority of countries have already imposed the restriction on the celebration in order to curb the possible spread. The next few weeks would be crucial to decide the severity of Omicron after the holidays end. Any trigger will prove to be an upper breakout for gold prices.

Buy Zone Above – 48100 for the target of 48300

Sell Zone Below – 47800 for the target of 47600

Abhishek Chauhan, Head of Commodity & Currency, Swastika Investmart

Gold prices remained lower in early  2021 due to the overbought level however prices recovered around 6000 rupees per 10 gram from the low level of 43300 due to strong demand from the domestic Jewelry market. At the end of 2021, Gold prices are trading firmly above 48000 per 10 grams which is slightly down from December 2020. Continuing rising cases of Coronavirus variant Omicron and rising inflation may further support Gold prices for the year 2022. Energy and the prices of the other essential commodities are soaring again due to supply interruption increased due to pandemic which may ask for safe-haven demand. We are expecting Gold prices to move towards 54000 and beyond in 2022.

(The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)

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