The price of gold on the international market defeated a hasty retreat because investors were locked in comments that seemed to be Hawkish from the US Federal Reserve seat, removing profits from more than one percent of the rally triggered by concerns about the omicron coronavirus variant.

In multi-commodity exchanges (MCX), gold contracts rose 0.09 percent to Rs 47,650 for 10 grams at 9.47 in December 1. Silver futures also rose 0.13 percent to RS 61,725 ​​per kilogram.

“Gold and silver showed the roller coaster movement on Tuesday. The two precious metals settled on weaker records in the international market. We expect the price of precious metals to remain volatile amid wild movements in the dollar index, fear of new viruses and global inflation. Gold is estimated Holding the important support of $ 1,752 per troy ounce and silver is also expected to accommodate $ 22.55 per troy ounce level. Gold has support at $ 1,764-1,752 per troy ounce and resistance at $ 1788-1800 per troy ounce while silver has support. On $ 22.55-22.20 per troy ounce and resistance at $ 23.10-23.45 per troy ounce, said Manoj Kumar Jain, Prithvi Finmart Commodity Research.

“On MCX, gold has support at Rs 47,660-47,480 and resistance at Rs 48,055-48,280 while the silver has support at Rs 61,900-61,500 and resistance at the level of Rs 62.700-63.300. We recommend buying gold around Rs 47,700 by Stop Loss at Rs 47,480 For the RS 48,150 target, “he added.