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After back-to-back six sluggish sessions, the Indian bullion market has witnessed positive vibes on Friday in early trading sessions. The 24-carat variant of the yellow metal was trading at Rs 46,467/10 gm, up by Rs 508/10 gm. It had closed at Rs 45,959/10 gm on September 30, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold also rose by Rs 466 and reached Rs 42,564/10 gm on Friday. The previous closing price was Rs 42,098/10 gm.
“The precious metal has witnessed sharp short covering and bargain hunters stepped into buying the counter following the Federal Reserve chairman’s comment that the US is still far from full employment. The chairman has not only helped the safe haven metal to regain key psychological levels of $1,750/oz but also put an immediate break on bears who were dragging the prices to $1,700/oz,” said Sandeep Matta, founder, TRADEIT Investment Advisor.
He further added that the gradually falling equity markets and depreciating dollar might help gold prices to gain further from the current zone but the trend is still on rise and long-term position should be avoided.
“Gold opened on a positive note today and is witnessing some relief rally due to short-covering or profit booking,” said Ravi Singh, vice-president and head of research, ShareIndia.
Silver is up again
Silver too witnessed a jump on Friday in early trading sessions. It was trading at Rs 59,408/kg levels on Friday, up by Rs 1,169/kg from the previous close of Rs 58,239/kg on September 30.
“Gold and silver prices are solidly up in midday US trading on Thursday on good corrective rebounds after gold hit a six-week low and silver a 14-month low on Tuesday. Short covering by the shorter-term futures traders was seen yesterday, as well as some bargain hunting after the recent dip,” said Amit Khare, AVP, research commodities, Ganganagar Commodity Limited.
The first day of the new quarter has started in a good note, added Khare.
“Gold and silver showed strong upside movement on the closing session on September 30 and the opening trading session on October 1 both in the spot market as well as on the Multi-Commodity Exchange (MCX). We saw strong short covering rally in gold and silver, which may continue for the next two-three trading sessions. Both metals are trading at oversold zone since last 4-5 trading sessions,” Khare said.