Gold futures opened firm on Wednesday at ₹47,616 per 10 grams, up ₹182 from the previous close of ₹47,434 for MCX December contract, after a sustained slide over the past one week. Silver futures also opened firm at ₹62,777 a kg, up ₹268 from ₹62,509 for MCX December contract on Wednesday.
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Gold gained strength in the international market as CME gold December Futures gained 0.5 per cent on November 23 to $1,793.1.
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2. Gold futures firm on MCX: Gold and Silver Futures made positive opening on Wednesday and maintained the positive territory. The firmness in MCX gold futures is seen as a reflection of international gold gaining strength from lower levels. However, analysts maintain that the sentiment remains cautious to negative.
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MCX gold December Futures last quoted at ₹47588, up ₹154 from previous close.
MCX Silver December Futures too maintained strength and last quoted at ₹62,710, up ₹201 from the previous close.
3. Spot Market: Spot gold continued the slide. In Indian markets, Gold prices quoted at ₹47,826 at the closing on November 23, down by 2 per cent from previous day’s quote of ₹48,834 as quoted by India Bullion and Jewellers Association (IBJA) for gold (999 purity). The spot prices have slipped below the month-ago levels of ₹48,142 seen on October 25, 2021.
Spot silver ended at ₹63,781 on Tuesday, which is lower by about 2.8 per cent from ₹65,653 seen a month ago.
4. Outlook: Looking at the early trades on Wednesday, gold and silver have shown positive trend — both in domestic and international markets. MCX Gold futures is likely to be range-bound during the day between ₹46,939 and ₹48,279. MCX Silver Futures for December is expected to hover around ₹60,672-₹65,618.