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Today’s gold price surges to a nine-month high, approaching Rs 49,300; find out why and what you should do next.

On Thursday, the gold price in India soared to a nine-month high, following global trends. At 1545 hours on November 11, the December gold price on the Multi-Commodity Exchange (MCX) climbed 0.87 percent to Rs 49,277 for 10 grammes. On Thursday, the price of silver jumped dramatically. On November 11, the price of gold climbed by 1.10 percent to Rs 66,605.

On Thursday, the price of gold in the international market reached a five-month high. By 0909 GMT, spot gold had risen 0.6 percent to $1,860.59 per ounce. According to Reuters, US gold futures rose 0.8 percent to $1,863.30. This hike came as data revealed that US consumer prices rose at their quickest rate in 31 years in October. The dollar reached a 15-month high, making gold more expensive for non-dollar holders.

“Domestic gold prices may begin with slight decreases on Thursday morning, following a dismal start in global prices.” If the MCX Gold December contract trades over Rs 48,770, it may challenge the resistance zones of Rs 49,367-49,879 on a technical basis. “Rs 48,255-48,000 levels are support zones,” said Sriram Iyer, senior research analyst at Reliance Securities.

“In Asian trade on Thursday morning, international silver prices started slightly lower. Technically, if COMEX Silver December trades over $24.680, it might see an upside momentum that pushes it towards the resistance zones of $25.315-$25.857. The $24.135-$23.497 level is a support zone. Domestic silver prices may begin to fall on Thursday morning, following the downward trend in international prices. If the MCX Silver December contract trades over Rs 65,640, it may test the resistance zones of Rs 67,022-68166. “The support zones are around Rs 64,492-63,106,” Iyer said.

“Hot inflation data from the United States and China spurred purchasing activity in precious metals markets today, as traders and investors sought hard-asset hedges against rising prices,” said Amit Khare, AVP-research commodities, Ganganagar Commodity Limited.

“Both metals appear risky for fresh buying on the technical chart at current prices, with the momentum indicator RSI indicating the same on the daily chart. Traders are advised to book their longs and wait for fresh buying in a good correction. Traders should focus on important technical levels given below for the day: Support 1 – Rs 48,500, Support 2 – Rs 48,200, Resistance 1 – Rs 49,160, Resistance 2 – Rs 49,500, December gold closing price Rs 48,854. December Silver ending price: Rs 65,878, Support 1: Rs 65,200, Support 2: Rs 64,400, Resistance 1: Rs 66,600, Resistance 2: Rs 67,270,” Khare continued.

“Gold went beyond the $1850 barrier as support came from excellent inflation statistics, which supported traditional demand for Gold as a hedge against inflation, as well as reports that a Chinese fund had liquidated its short positions due to margin calls. On daily charts, the RSI is hovering near its 3-day EMA, indicating consolidation after a roller coaster ride, while trading below the 9-period EMA on intraday charts signals profit booking at higher levels,” said Vidit Garg, director of MyGoldKart.

“Consumer prices in the United States increased by 6.2 percent on an annual basis in October, the highest level since 1990.” As a result of the news, gold jumped about $40 on the Comex and reached Rs 49,000 on the MCX. Officials from the Federal Reserve have already stated that if inflation continues to rise at its current rate, a more forceful policy response may be implemented. As a result of this, gold prices have regained their losses and are projected to continue in the same direction for a few more days. Dr Ravi Singh, vice president and head of research at ShareIndia, said, “Buy Zone Around – Rs 48,800 for a target of Rs 49,300, Sell Zone Below – Rs 48,600 for a target of Rs 48,300.”

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