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Gold Prices Today: Yellow metal likely to remain volatile, support lies around Rs 47,800

Gold has support at Rs 47800-47660 and resistance at Rs 48220-48400, while silver has support at Rs 61400-61000 and resistance at Rs 62100-62600, said Manoj Kumar Jain, Prithvi Finmart Commodity Research.

December 08, 2021 / 09:46 AM IST
Representational image.

Representational image.

Gold prices rose slightly on December 8 in the international markets as US Treasury yields eased from their recent highs, reducing the metal's opportunity cost, while investors looked ahead to key inflation data that could settle the course of interest rates.

On the Multi-Commodity Exchange (MCX), the gold contracts were down 0.13 percent to Rs 48,123 for 10 grams at 9.30 am on December 7. Silver futures shed 0.07 percent to Rs 61,784 a kilogram.

The near term trend in gold and silver is range-bound, however prices are sustaining at support levels and trading firmly. The upside moves in precious metals can be seen in today's session where MCX gold is likely to move towards Rs 48300-48500 levels. It has support at Rs 47800. Silver prices are also trading in a narrow range and may move towards Rs 62400 levels. Silver has support at Rs 60600, said Abhishek Chauhan, Head of Commodity & Currency at Swastika Investmart.

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Trading Strategy

Manoj Kumar Jain, Prithvi Finmart Commodity Research


Gold and silver prices recovered from their lows on December 7. Both the precious metals settled on a positive note in the international markets. We expect both the precious metals to remain volatile in today’s session. Gold prices could face steep resistance around $1800 per troy ounce. It has support at $1772-1758 per troy ounce and resistance at $1800-1812 per troy ounce, while silver has support at $22.30-22.00 per troy ounce and resistance at $22.84-23.10 per troy ounce.

At MCX, gold has support at Rs 47800-47660 and resistance at Rs 48220-48400, while silver has support at Rs 61400-61000 and resistance at Rs 62100-62600. We suggest buying silver around Rs 61500 with a stop loss of Rs 61000 for target of Rs 62500.

Ravi Singh, Vice President & Head of Research at ShareIndia

US non-farm payroll November data showed a much lower addition as compared to October data and market expectation. If the data continues to disappoint then Fed may defer its decision to taper bond purchases, which will be positive for gold prices.

Buy zone near Rs 47900 for target of Rs 48500

Sell zone below Rs 47700 for target of Rs 47400

Amit Khare, AVP- Research Commodities, Ganganagar Commodity

We can see huge volatility in bullion in the month of December. As per technical charts, gold and silver are trading at oversold zone and making bottom. Momentum indicator RSI is also indicating the same on the hourly as well as daily chart. The current levels are the best prices for short term investors, so they can create fresh longs for in small dips near given support levels. Traders should focus on important technical levels.

February gold closing price Rs 48060, Support 1 - Rs 47850, Support 2 - Rs 47600, Resistance 1 - Rs 48170, Resistance 2 - Rs 48300.

March silver closing price Rs 61828, Support 1 - Rs 61300, Support 2 - Rs 60600, Resistance 1 - Rs 62100, Resistance 2 - Rs 62500.

Disclaimer: The views and investment tips expressed by investment experts on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.​
Sandip Das
first published: Dec 8, 2021 09:46 am

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