On November 26, India gold December futures on Multi Commodity Exchange were trading steady with a positive bias, while silver futures crossed the Rs 60,000.
On the Multi Commodity Exchange, December gold futures increased by 0.17% and settled at Rs 48,597 per 10 gram, while December silver boosted 0.4% and traded at Rs 60,090 per kg.
According to experts, the precious metal is expected to remain volatile and could find support in a range from 48,400 to 48,200 per 10 gram.
It has to be mentioned that precious metals find mil support from the greenback’s weakness, downbeat U.S. unemployment claims data, and FED minutes.
In the international markets, gold and silver were trading on a positive note. The yellow metal’s December futures contracts stood at $1,805.70 per troy ounce, while Silver December futures were trading at $23.36 per troy ounce.
In domestic markets, the gold and silver were settled on a mixed note caused by a strong rupee. It has to be mentioned that on October 25, the yellow and white metals showed volatility and increased during the U.S. trading session after downbeat U.S. unemployment claims.
U.S. markets are close for Thanksgiving
Head-Commodity and Currency Research at Prithvi Finmart, Manoj Jain, announced that weakness in the dollar and FED meeting minutes supported the precious metals prices as U.S. FED will publish the next bond-buying program next month. He added that positive Covid-19 vaccine news and ahead of the holiday in the U.S. profit booking is seen during closing hours in the market.
Jain announced that on Thursday, U.S. markets are closedbecause of Thanksgiving, and the market is likely to move in the tight range. The yellow metal has support at $1,792 – 1,789 per troy ounce, while it has resistance at $1,814 – 1,822 per troy ounce. Silver has support at $23 – 22,80 per troy ounce and resistance at $23.55 – 23.80 per troy ounce.
Head-Commodity research also announced that at Multi Commodity Exchange, gold is having support at 48,400 – 48,200 while has the resistance at 48,660 – 48,850 levels. Silver’s support is placed at 59,300 – 58,880 while it’s having resistance at 60,300 – 60,800 levels. He added that they expect range-bound trading in both the precious metals in today’s session.
Furthermore, COMEX gold trades marginally higher $1810/oz after a near flat close yesterday. The yellow metal appears to have stabilized near $1800/oz as pressure from vaccine progress, declining political chaos in the United States, and the Fed’s willingness to take more measures.