Due to multiple domestic and international factors, Indian bullion markets remained flat on Thursday in the early trading session. Both gold and silver were trading almost flat on November 25. The 24-carat variant of the yellow metal was trading at Rs 47,714/10 gm, down by only Rs 22/10 gm from previous day’s price of Rs 47,736/10 gm, according to rates provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was at Rs 43,706/10 gm, down marginally from previous day’s rate of Rs 43,726/10 gm.
“The government’s reported proposal to hike GST on gold jewellery to 5% from 3% will be a setback to the rebounding jewellery industry in India. We expect gold prices to remain weak till it crosses the level of 47,700,” said Ravi Singh, vice president & head of research, ShareIndia.
“Gold and silver prices are trading not far from unchanged in afternoon US trading on Wednesday, after a big day of US economic data that failed to trigger much market reaction. The markets showed a very little initial reaction to the FOMC minutes of rising inflationary pressures on the economy,” said Amit Khare, AVP, research commodities, Ganganagar Commodity Limited.
Like the yellow metal, white metal was also trading flat compared to the previous day. Silver was trading at Rs 63,200/kg from the previous day’s price of Rs 63,177/kg on November 25.
“We are seeing profit booking in bullions in the past five-six trading sessions. Now the current levels are the best prices for short term investors. As per technical chart overall structure of gold and silver are looking positive. Momentum indicator RSI is also indicating the same in hourly chart and trading at oversold zone,” Amit Khare told Money9.
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