Gold price today 16 September 2021: Yellow metal nosedives by Rs 543/10 gm; check rates in Delhi and Mumbai

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After a day’s rise, gold and silver again fell on September 16 in early trade. The 24-carat variant of the yellow metal was trading at Rs 46,839/10 gm, down by Rs 543/10 gm from the previous close of Rs 47,382/10 gm, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was also down by Rs 497 and reached Rs 42,905/10 gm. The previous close was Rs 43,402/10 gm.

“Gold failed to hold on to its key physiological level of $1,800/oz and remained in the doldrums throughout the day. The precious metal is likely to be range bound and trade sideways until the conclusion of the FOMC meeting next week. Market participants are waiting for more clarity in regard to the Federal Reserve’s timeline to begin tapering while hoping that the tapering will not begin until November meeting. Gold on MCX also traded with negative bias and lost all its gains posting the closing well below 47,000 mark. The risk of steep fall in the precious metal is unlikely currently due to slowdown in inflation in the US which reduces the pace with which tapering can be carried out,” said Sandeep Matta, founder, TRADEIT Investment Advisor.

“A stronger-than-expected Empire State manufacturing survey released earlier yesterday fell into the camp of the US monetary policy hawks, and that helped to pressure the gold and silver markets. Traders are looking forward to next week’s FOMC meeting of the Federal Reserve for some more clarity on the timing of any future policy moves from the Fed,” said Amit Khare of Ganganagar Commodities Limited.

Silver was down

Silver again nosedived and reached Rs 62,500/kg level on September 16. The metal was under Rs 62,000/kg in mid-August. Experts feel this time too silver may create a record low and might come down to Rs 61,000/kg level. The price of the white metal witnessed a drop in the early trading session on September 16 as it was almost at the mark of Rs 62,500/kg. Silver was trading at Rs 62,532/kg, down by Rs 481/kg from previous close of Rs 63,013/kg.

“Gold and silver prices were lower in midday US trading on Wednesday. Some technical selling pressure from the shorter-term futures traders was featured yesterday as well as today, as the chart postures for both gold and silver have deteriorated on Thursday. The metals bulls need a fresh fundamental spark to ignite their enthusiasm. Gold and silver both showed a downward movement on the September 16 trading session. Yesterday we saw small profit booking in bullion on the higher side, but technical charts are showing fundamental strength in gold and silver. So, traders are advised to create fresh buy positions for both the metals,” added Khare.