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After a good week, gold prices slipped again on October 18 in the early session of trade though price of silver remained at a higher zone. The 24-carat variant of the yellow metal was trading at Rs 47,389/10 gm, down by Rs 570/10 gm from Friday’s price, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold slipped by Rs 531 at Rs 43,399/10 gm. The previous day’s price was Rs 43,930/10 gm.
“Gold prices were sharply lower in early US trading on Friday and extended early losses following a very upbeat US retail sales report that falls squarely into the camp of the US monetary policy hawks, who want to see US monetary policy tightened sooner rather than later. December gold future price was also in the negative zone on October 18 trading session,” said Amit Khare, AVP, research commodities, Ganganagar Commodity Limited.
“According to data from Union commerce ministry, gold imports increased to about USD 24 billion during April-September 2021 from USD 6.8 billion y-o-y due to higher demand in the country during festive and marriage season. The correction in gold is due to profit booking and the recently published FOMC meeting minutes of 21 and 22 September,” said Ravi Singh, vice president and head of research, ShareIndia.
Both experts said the fundamental outlook of yellow metal is strong and it will hover between Rs 47,000 and Rs 47,700.
Silver price
On the contrary, the white metal was trading in the positive zone on Monday. Silver was trading at Rs 63,186/kg, up Rs 493 from Friday‘s price of Rs 62,693/kg, according to IBJA rate.
“Gold and silver both showed profit booking on October 15 trading session but witnessed a nixed movement in early session both in the Multi-Commodity Exchange (MCX) and spot market. Since last week, we have been witnessing some profit booking in bullions at higher levels. Now both metals are again trading at demand zone. Overall technical charts of gold and silver are strong. Momentum indicator RSI is also indicating the same. So, traders are advised to make fresh long positions in gold and silver near given support levels,” added Khare.