Gold Price In India: Gold futures traded marginally higher on Friday, December 24, as the yellow metal mirrored trends in international markets. On the Multi Commodity Exchange (MCX), gold futures due for a February 4 delivery, were last seen trading higher by Rs 68 or 0.14 per cent – at Rs 48,220, compared to their previous close of Rs 48,152. Silver futures due for a March 4 delivery were last down 0.01 per cent at Rs 62,302 against a previous close of Rs 62,311.
— IBJA (@IBJA1919) December 24, 2021
Domestic spot gold opened at Rs 48,280 per 10 grams on Friday, and silver at Rs 61,843 per kilogram – both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
The safe-haven dollar was on the back foot today, on signs the Omicron variant would not significantly derail global economic growth.
The greenback was headed for its worst week since September while other risk-friendly assets from bitcoin to the Australian dollar held onto their recent gains buoyed by ebbing concerns over the severity of the new COVID-19 variant.
Dr. Ravi Singh, Vice President & Head of Research, ShareIndia:
”Backed by strong inflows during wedding, festive season and fresh concern over Omicron has increased the volatility in gold prices. However, the dollar moves are keeping a check on gold prices to trade in a range bound zone.
Buy Zone Near – 48100 for the target of 48,400
Sell Zone Below – 47800 for the target of 47,600”