The price of gold rose on November 23 but hovered close to their lowest level in more than two weeks, a hit in the previous session, because the dollar obtained at the nomination of US President Joe Biden Chair Powell for the second term.

In multi-commodity exchanges (MCX), gold contracts rose 0.09 percent to Rs 47,968 for 10 grams at 9:20 a.m. on November 22. Silver futures rose 0.14 percent to Rs 64,660 per kilogram.

The price of gold and silver saw a jerk’s reaction after the US President nominated Jerome Powell as the Chair of the US Federal Reserve for the second term. Both precious metals settled on weaker records in the international market. We hope both precious metals to remain fluctuating and can find support at a lower level. Gold has support at $ 1796-1782 per troy ounce and resistance at $ 1818-1832 per troy ounce, while silver has support at $ 24.00-23.84 per troy ounce and resistance at $ 24.55-24.80 per troy ounce, said Manoj Kumar Jain, Prithvi Finmart Commodity Research.

On MCX, gold has support at Rs 47700-47550 and resistance at Rs 48100-48330 while silver has support at RS 64200-63900 and resistance at RS 64900-65200. We suggest buying gold at Rs 47850 with the RS 47600 stop with the basis of daily closure for the RS 48300 target, he added.