Gold price below 48,000, silver also fell drastically, is this a better time to invest

Taking cues from the global market, gold prices in India are also looking flat today. With new cases of Kovid-19 rising around the world, investors are eyeing the US-Fed’s decision to raise interest rates. Gold contract on MCX was seen at Rs 47,951 per 10 grams in early trading on 5 January. In today’s trade, silver has also seen a huge decline. At present, it is seen falling by 0.16 percent at Rs 62,128 per kg.

If we look at the international market, there is pressure on gold here too. Gold prices are looking at $ 1,813.91 an ounce. At the same time, US Gold Future is seen at 1,813.80. The 10-year US Treasury hit its 10-year high on Tuesday. Along with this, the US Dollar Index also seems to be revolving around its 2-week high. Gold’s safest investment option image has been hit due to this rise in the dollar index.

Sriram Iyer of Reliance Securities says that the international gold prices were looking flat in this morning’s trade. From a technical perspective, resistance is visible for LBMA spot gold at $1818-1830. At the same time, support is visible for this at 1805-1795.

If we look at the domestic price of gold, then it started flat on Wednesday. The domestic price seems to be moving based on the global market. Technically, if MCX Gold February futures moves above 47,700, then there will be resistance on the upside at 47,990 and 48,150 levels. At the same time, its support zone is seen around 47,690- 47550.

Shriram Iyer further says that it is expected that in the coming trading days, gold may see a rise and it can be seen touching the level of 49,000. If we find any downside near the recent support up to 47,500, we should buy gold.

According to another commodity expert, the buyzone of gold is seen above 48,100 and its target of 48,300 can be kept. On the other hand, if gold slips below 47,800, then we can see a fall of up to 47,600 in it.

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