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After multiple sluggish sessions the Indian bullion market was in the upward zone on Tuesday in early trading session. The 24-carat variant of the yellow metal was trading at Rs 47,213/10 gm, up marginally by Rs 247/10 gm from the previous day’s rates of Rs 46,966/10 gm on October 12, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was up by Rs 226 at Rs 43,247/10 gm. The previous day’s (October 11) price was Rs 43,021/10 gm.

“Gold prices were down 0.16% in early session today. Gold was trading around Rs 47,000. It recovered a bit and is around Rs 47,290,” said Manoj Dalmia, founder and director, Proficient Equities Limited.

“In the global markets the price is flat and trading around $1756.25 per ounce. Looking at rising bond yields we cannot expect extensive moves in gold. The gold and bond yields are said to be inversely correlated,” added Dalmia.

“Both in the spot market and MCX gold closed yesterday on a positive note and continued its rally on October 12. Gold may remain in a narrow range between Rs 46,850 and Rs 47,200 with a bias towards buying side,” advised Ravi Singh, vice president & head of research, ShareIndia.

On the other hand, silver was also trading on the positive side. The white metal was trading at Rs 61,655/kg, up by Rs 280 from Monday‘s price of Rs 61,375/kg.

“Recently rising government bond yields and an appreciating US dollar on the foreign exchange market are bearish elements for the safe-haven metals,” said Amit Khare, research commodities, Ganganagar Commodity Limited.

“December gold futures were last down $0.40 at $1,757.00. December Comex silver was last down $0.01 at $22.695 an ounce.” he added.

“Gold and silver both showed mixed movement on October 11 trading session both on the Multi-Commodity Exchange and spot price market and continued to regain their position on October 12. Yesterday we saw some buying in gold and silver at lower levels. The charts of bullions are looking strong. The Indian festival season has begun and we can see continuous buying in gold and silver. Momentum indicator RSI is also indicating the same trend,” Khare told Money9 on Tuesday.