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Gold Prices Today: Yellow metal likely to remain under pressure; buy above Rs 47,550

Gold has resistance at Rs 47,700 and support at Rs 47,000 while silver has an immediate resistance at Rs 63,400 and support at Rs 61,800, said Abhishek Chauhan, Head of Commodity & Currency at Swastika Investmart.

November 24, 2021 / 11:21 AM IST
Gold Prices

Gold Prices


Gold prices edged up on November 24 in global markets, although strength in the US dollar and bets that the Federal Reserve could raise interest rates sooner kept the metal below the key $1,800-mark.

Investors are betting that the newly-re-nominated Fed Chairman Jerome Powell will need to step up the pace at which the central bank normalizes monetary policy to better grapple with surging consumer prices.

On the Multi-Commodity Exchange (MCX), the gold contracts were up 0.34 percent to Rs 47,594 for 10 grams at 9.26 am on November 22. Silver futures gained 0.35 percent to Rs 62,730 a kilogram.

Gold and silver prices plunged again on November 23 amid strength in the US dollar and US bonds. Both the precious metals were settled on a weaker note in the international markets. We expect rising global inflation and fresh travel restrictions in the European Union due to Covid-19 could support prices at lower levels. Prices will remain volatile in today’s session ahead of the US unemployment claims data, said Manoj Kumar Jain, Prithvi Finmart Commodity Research.

At MCX, gold has support at Rs 47,300-47,000 and resistance at Rs 47,660-47,850 while silver has support at Rs 62,100-61,660 and resistance at Rs 63,000-63,600 levels. We suggest buying gold on upside breakout of Rs 47,550 for target of Rs 47,880 with strict stop loss of Rs 47,300 on a daily closing basis.

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Abhishek Chauhan, Head of Commodity & Currency at Swastika Investmart

Gold prices in COMEX have breached $1,800 level as US bond yield spiked on Fed chair Powell's re-nomination. Raising inflation will remain a concern and the market is expecting a rate hike sooner than forecasted. Selling pressure may continue in today's session and any rise in prices towards resistance levels may witness selling pressure in precious metals. On MCX, gold has resistance at Rs 47,700 and support at Rs 47,000 while silver has an immediate resistance at Rs 63,400 and support at Rs 61,800.

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities

COMEX gold trades modestly higher near $1,795/oz after a sharp 1.2% decline yesterday. Gold has edged up amid some short covering after recent sell-off. The other reason for the up move was the halt in rally in US dollar and bond yields ahead of FOMC minutes due later today. Gold has seen some buying interest near $1780/oz level and may try to move back towards $1800/oz but prospect of Fed’s monetary tightening may keep a check on any major upside.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.​
Sandip Das
first published: Nov 24, 2021 11:21 am

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