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Indian bullion markets witnessed substantial jump on Thursday in early trades. Both gold and silver were in the positive zone on October 14. The 24-carat variant of the yellow metal was trading at Rs 47,959/10 gm, up by Rs 652/10 gm from Rs 47,307/10 gm on Wednesday, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was up by Rs 597 at Rs 43,930/10 gm. The previous day’s (October 13) price was Rs 43,333/10 gm.
“The precious metal posted strong gains due to slightly increase in US inflation data in September. Gold on MCX has also traded around day high with almost thousand-point rally and bulls have gain near term technical advantage,” said Sandeep Matta, founder, TRADEIT Investment Advisor.
“We are repeatedly advising market participants to remain long in gold over the past few days and are still positive on the yellow metal. The outlook is positive for today with some consolidation after this sharp rally,” added Matta.
“The IMF cut its global growth forecast for 2021 to 5.9% from 6% in its July report. These have driven gold and silver prices to higher levels,” said Ravi Singh, vice president, ShareIndia.
Silver up
Silver was also trading in the positive zone in early trade on October 14. The white metal was trading at Rs 62,693/kg, up by Rs 944 from Wednesday’s price of Rs 61,749/kg.
“Gold and silver prices posted strong gains in midday US trading on Wednesday, with both metals hitting four-week highs. Buy stop orders were hit in the futures markets for the metals after key technical resistance levels were penetrated on the upside,” said Amit Khare, AVP, research commodities, Ganganagar Commodity Limited.
“Gold and silver showed strong upside movement on October 13 trading sessions both in the Multi-Commodity Exchange (MCX) and spot price market. Those trends were also there in the early trading session on October 14,” added Khare.
“We saw strong buying in gold and silver at lower levels. Additionally, we are witnessing good buying in gold and silver over the past four-five trading sessions. Now the technical charts are indicating some profit booking, momentum indicator RSI also indicating the same trend,” Amit Khare told Money9.