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Due to low demand, Indian bullion markets remained flat on October 21 in early trade. The 24-carat variant of the yellow metal was trading at Rs 47,586/10 gm, up by only Rs 40/10 gm from Wednesday’s price of Rs 47,546/10 gm, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was up by Rs 37 to Rs 43,589/10 gm from the previous rate of Rs 43,552/10 gm.
“Gold bears are looking exhausted lately and there is high probability that the primary downtrend will reverse soon. Once it successfully manages to close above this supply zone, we expect 48,500 to be conquered or even beyond,” said Manoj Dalmia, founder and director, Proficient Equities Limited.
“As the Indian festive season and the marriage season has started, we may see stable buying in gold and silver. Fed Governor Christopher Waller quoted that If inflation keeps rising at its current pace in the next few months, Fed policymakers may need to adopt ‘a more aggressive’ policy response next year,” said Ravi Singh VP, ShareIndia.
Silver a bit higher
The white metal was also trading in the positive zone today. Silver was trading at Rs 65,444/kg, up Rs 1,022 from Wednesday‘s price of Rs 64,422/kg, according to IBJA rate.
“Gold and silver showed mixed movement in today’s trading session in both the markets, i.e. spot and multi-commodity exchange. We saw some safe haven buying in bullions at lower levels especially in silver. Overall, technical charts of gold and silver are strong. Momentum indicator RSI is also indicating the same. It means more upside potential for bullions. So, traders are advised to make fresh long positions in gold,” said Amit Khare, Ganganagar Commodities Limited.