Gold Prices Today: Yellow metal likely to be range-bound at Rs 47,700-48,200; buy on dips

Gold Prices Today: Yellow metal likely to be range-bound at Rs 47,700-48,200; buy on dips

Gold,Gold prices



A strengthening dollar left gold a little dimmed on December 2, as investors assessed how the central banks would respond to a surging inflation and concerns over economic growth, spurred by the threat of omicron coronavirus.

On the Multi-Commodity Exchange (MCX), the gold contracts were up 0.43 percent to Rs 47,783 for 10 grams at 9.51am on December 2. Silver futures fell 1.12 percent to Rs 60,772 a kilogram.

Gold and silver showed mixed trend on Wednesday. Both the precious metals settled on a mixed note in the international markets. Gold February futures contract settled at $1,784.30 per troy ounce with a gain of 0.44 percent and silver March futures contract settled at $22.34 per troy ounce with a loss of 2.08 percent. This week’s US job report will give further directions to precious metals, said Manoj Kumar Jain of Prithvi Finmart Commodity Research.

Gold has support at $1,772-1,758 per troy ounce and resistance at $1,796-1,810 per troy ounce, while silver has support at $22.10-21.84 per troy ounce and resistance at $22.55-23.00 per troy ounce. At MCX, gold has support at Rs 47,700-47,480 and resistance at Rs 48,055-48,300, while silver has support at Rs 60,900-60,500 and resistance at Rs 61,660-62,220.

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