Gold price on August 11, 2021: Yellow metal slightly down; check rates in Delhi, Mumbai and Chennai

• Follow

After a record tumble in prices on Monday, gold and silver were still not able to recover in early trade in the domestic market on August 11 as both slipped further due to global negative sentiments. The cost of 24 carat gold was down by Rs 133 to Rs 46,219/10 gm from Rs 46,352/10 gm on August 10, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA).

The price of 22-carat gold also fell by Rs 121 to Rs 42,337/10 gm from previous close of Rs 42,458/10 gm. 

“Gold prices in international market was continuously below $1,750. Prices are expected to see more headwinds on the basis of higher global participation in equity market, recovering in crypto, tapering hints, strong dollar and bond yields. $1,670 will act now as key support level for precious metal while we may see some bullish traction coming back only above $1,750/Oz,” said Sandeep Matta, founder, TRADEIT Investment Advisor.

“On MCX gold and silver both are following the global price pattern and somehow managing 45,500 and 62,800 levels respectively today. Our outlook for gold today is sideways with narrow trading range. Market participants are advised to follow key pivotal level both the sides and avoid operating biases,” he added.

“Gold and silver prices were moderately higher in midday US trading on Tuesday, on normal upside price corrections after the sharp losses suffered on last Friday and Monday. Gold on Monday hit a more-than-four-month low and silver suffered a more-than-eight-month low. The precious metals bulls appear to have stabilised their markets — at least for now,” said Amit Khare, AVP- research commodities, Ganganagar Commodities Ltd.

Silver at Rs 62,000 level

After crossing the psychological Rs 68,000 level on July 27 and August 3, silver price has suffered the sharpest drop since December 2020. The slump continued on August 11.

 Silver spot price dropped almost Rs 560/kg. In early trade on August 11, silver dropped by Rs 557/kg and reached a record low of Rs 62,773/kg from earlier close of Rs 63,330/kg on August 10.

Experts feel silver price might dip to as low as Rs 60,000/kg level soon. After almost a year price of silver again came down to Rs 62,000/kg level.

“Gold and silver showed a small negative movement on Tuesday, On the Multi-Commodity Exchange (MCX), October gold contracts closed higher by 0.17% at Rs 45,962 for 10 grams. Gold and silver are both trading at oversold zones. Momentum indicator RSI also giving positive divergence in four-hourly as well as hourly chart,” said Khare.