Today's gold price is Rs 47,265; it's over Rs 9,000 lower than the previous high set ahead of the festivals.

The price of gold in India increased on Monday, October 18 in line with its international peers. At 0905 hours on October 18, the December gold price on the Multi-Commodity Exchange (MCX) climbed 0.11 percent to Rs 47,265 for 10 kilos. On Monday, the price of silver jumped as well. On October 18, the precious metal rose 0.16 percent to Rs 63,371.

On Monday, the price of gold increased on the international market as US bond yields and the currency fell. By 202 GMT, spot gold had risen 0.2 percent to $1,770.26 per ounce, while US gold futures had risen 0.1 percent to $1,770.50. After reaching a high of 1.5904% on Monday, benchmark US 10-year Treasury rates have dropped. The dollar index fell 0.6 percent from its 2021 highs last week.

According to data from the trade ministry, gold imports increased to almost $24 billion from April to September 2021, owing to increased demand in the country. The report indicated that imports of yellow metal totaled $6.8 billion in the same time previous year. Silver imports, on the other hand, fell by 15.5 percent to $619.3 million in the first nine months of this fiscal year. Gold imports increased to $5.11 billion in September this year, up from $601.4 million the previous month.

Last month, retail sales increased by 0.7%. Retail sales increased 0.9 percent instead of 0.7 percent in August, according to revised data. Physical gold, on the other hand, reverted to premiums in India this week as important festivals ushered in jewelry purchases, limiting further decline.

"In Asian trade on Monday morning, international gold prices started flat to slightly higher. However, the upside was limited as the dollar and the 10-year benchmark stayed modestly stronger in Asian trade on Monday morning. The LBMA gold resistances are between $1790 and $1810, respectively. $1760 and $1750 serve as support levels. Domestic gold prices are expected to start flat to slightly lower on Thursday morning, reflecting a dismal start in international markets. The MCX Gold December resistances are Rs 47,550 and Rs 47,750, respectively. "Rs 47,000 and 46,850 are support levels," said Sriram Iyer, senior research analyst at Reliance Securities.

"At the moment, both gold and silver are trading in the demand zone. Gold and silver's technical charts are strong in general. The RSI, a momentum indicator, is also saying the same thing. As a result, traders are encouraged to open new long positions in gold and silver at support levels. Traders should concentrate on the following significant technical levels for the day: Support 1 - Rs 47,050, Support 2 - Rs 46,850, Resistance 1 - Rs 47,520, Resistance 2 - Rs 47,700. December silver closing price Rs 63,271, Support 1 - Rs 62,800, Support 2 - Rs 62,200, Resistance 1 - Rs 63,710, Resistance 2 - Rs 64,335," according to Amit Khare, AVP-Research Commodities, Ganganagar Commodity Limited.

"Gold imports climbed to roughly $24 billion from $6.8 billion in April-September 2021, according to data from the commerce ministry, due to heightened demand in the country during the festive and marriage season." Profit booking and the recently disclosed FOMC meeting minutes from September 21-22 indicated that the central bank could begin trimming its $120 billion monthly bond buy program as early as mid-November or mid-December. Buy Zone Above - Rs 47,250, with a target price of Rs 47,500. Ravi Singh, vice president and head of research at ShareIndia, says, "Buy-Sell Below - Rs 47,000 for a goal of Rs 46,750."