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After multiple sluggish sessions, gold and silver were up on September 15 in early trade. Gold price went up last on September 6. The 24-carat variant of the yellow metal was trading at Rs 47,382/10 gm, up by Rs 311/10 gm from the previous close of Rs 47,071/10 gm, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was also up by Rs 334 and reached Rs 43,402/10 gm. The previous close was Rs 43,117/10 gm.
“Gold above $1,800/oz after the release of consumer price index clearly indicates that the inflationary pressures are still looming in the economy and maybe it’s the right time to sit either on cash or invest in the safe heaven. The technical setup for the gold is bullish while current resistance resides first at $1,810 and secondly at $1,815.70 which is gold’s 100-day moving average. Gold on MCX is also back in the bullish setup after yesterday’s move. However, the outlook is stable and range bound today,” said Sandeep Matta, founder, TRADEIT Investment Advisor.
“Gold prices were higher in midday US trading on Tuesday, with silver prices slightly up. The metals markets got a lift following an US inflation report on yesterday evening that came in cooler than expected and, in turn, sparked a sale-off in the US dollar index. Gold prices had slipped to a three-week low overnight,” said Amit Khare, AVP, research commodities, Ganganagar Commodities Limited.
Silver is up too
After multiple drops, the price of the white metal witnessed a small jump in the early trading session on September 15 as it crossed Rs 63,000/kg mark again. Silver was trading at Rs 63,013/kg, up by Rs 130/kg from previous close of Rs 62,883/kg.
“Gold and silver both showed an upside movement in the early trading session of September 15. On the Multi-Commodity Exchange (MCX), October gold contracts closed higher by 0.75% at Rs 47,260 for 10 grams. While December contract silver futures closed at Rs 63,585 a kilogram 0.45% up. Yesterday we have seen a good short covering rally in bullion markets from bottom levels, this may continue for next few trading sessions. Technical charts are showing some strength both in gold and silver. Momentum indicator RSI is also indicating the same,” added Khare.