Indian bullion market continued its positive rally on October 13 in early sessions of trade. Both gold and silver opened on a positive note on Wednesday. The 24-carat variant of the yellow metal was trading at Rs 47,307/10 gm, up by only Rs 94/10 gm from Rs 47,213/10 gm on Tuesday, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was up by only Rs 86 at Rs 43,333/10 gm. The previous day’s (October 12) price was Rs 43,247/10 gm.
“The precious metal registered double digit gain as IMF trimmed its global growth outlook due to increasing threats from supply chain bottlenecks and the Delta variant vitus. The yellow metal has seen incremental demand amid energy crisis, strong dollar and elevated bond yield,” said Sandeep Matta, founder, TRADEIT Investment Advisor.
“Technically, gold is facing strong resistance between $1,775 to $1,800/oz and seems not in hurry to cross these levels. The outlook stable for today and market participants are advised to follow key pivotal levels both the sides,” he added.
“Gold prices were a bit higher in midday US trading on Tuesday. It’s been a choppy, two-sided trading session. The yellow metal is supported by some safe-haven demand amid world energy supply concerns, but has also seen pressure from a higher US dollar index and recently elevated bond yields,” said Amit khare, AVP, research commodities, Ganganagar Commodity Limited.
Silver was also trading in the positive zone in the early trade on October 12. The white metal was trading at Rs 61,750/kg, marginally up Rs 96 from Tuesday’s price of Rs 61,654/kg.
“Gold and silver both showed mixed movement on October 12 trading session, both in the spot market and in the Multi-Commodity Exchange (MCX). December gold and silver both were high on last trading session,” Khare told Money9.
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