MCX gold futures rose 0.15% or Rs 71 to Rs 47,974 per 10 grams. Silver futures rose 0.22% or Rs 134 to Rs 61,650 per kg.
Ravi Singh, vice president and chief research officer, ShareIndia, said gold traders are watching closely for any signs of mutation in the Omicron variant as there is not enough data to understand the severity and impact of this. new variant.
“Gold prices will remain in an uptrend this week and short hedging can be seen if there is a dip. However, the recent hawkish stance of the Fed is holding back the breakthrough in gold,” he said. he adds.
The physical demand for gold has recently slowed in India and other major Asian centers. Plus, the wedding season is coming to an end.
On the spot market, the highest purity gold was sold at Rs 47,544 per 10 grams while silver was priced at Rs 60,843 per kg on Friday, according to the Indian Bullion and Jewelers Association.
The spot price of gold has fallen by over Rs 2,000 per 10 grams over the past two weeks, while silver has fallen by around Rs 6,050 per kg after November 15.
“We expect gold prices to trade sideways higher for the day with COMEX spot gold support at $ 1,770 and resistance at $ 1,800 an ounce. MCX Gold for February is at Rs 47,600 and resistance at Rs 48,200 per 10 grams, “said Tapan Patel, senior. Analyst (commodities), HDFC Securities.
Vidit Garg, director of MyGoldKart, said that technically gold has corrected from the 9-period moving average over the past week, while a weekly close above $ 1,768 is a light for the bulls at the end of the tunnel.
Spot gold was little changed at $ 1,783.91 an ounce at 0038 GMT. US gold futures rose 0.1% to $ 1,785.00.
Spot silver rose 0.3% to $ 22.57 an ounce. Platinum rose 0.8% to $ 939.78, while palladium rose 0.7% to $ 1,821.49.