Due to weak rupee-dollar relation and nervousness among the investors, Indian bullion markets remained flat on September 14 too. The 24-carat variant of the yellow metal was trading at Rs 47,071/10 gm. It had closed at Rs 47,063/10 gm on September 13, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was reached Rs 43,117/10 gm. The previous closing price was Rs 43,110/10 gm.
“The lacklustre movement in gold and silver continues and it somehow managed to trade above $1,790/oz in a stagflation setup. US Dollar rose with respect to all currencies as taper talk gathered pace making precious metal a non-happening commodity. Not only in spot price market of gold and silver, gold in MCX is also consolidating around 47,000 and silver around Rs 63,000 levels and trading within the key pivotal range,” said Sandeep Matta, founder, TRADEIT Investment Advisor.
“Gold prices were mildly up in midday US trading on Monday, due in part to US stock indices backing down from their daily highs as equity investors are becoming just a bit nervous. The months of September and October are known for stock and financial market turbulence. However, the recent rally in the US dollar index is keeping gains in the precious metals limited,” said Amit Khare, AVP, research commodities, Ganganagar Commodities Ltd.
After a drop of more than Rs 300/kg on September 13, the white metal was down in today’s early trade and came down to Rs 62,000/kg levels once again. Silver was trading at Rs 62,883/kg levels on Tuesday, down by Rs 173/kg from previous close of Rs 63,056/kg on Monday.
“The key outside markets yesterday saw the US dollar index going up higher than last week. Gold and silver showed mixed movement on September 13 trading session. On MCX October gold and silver both contracted by 0.45%. We are seeing some profit booking in gold and silver on the higher side since the last two-three trading sessions, But the technical charts are showing some strength in bullion. Momentum indicator RSI is also indicating the same in hourly as well as 4-hourly charts. So, traders are advised to create fresh buy positions in gold and silver in small dips near given support levels. Traders should focus basic important technical levels for both the metals,” added Khare.
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