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The price of 22-carat gold was also up by Rs 200 at Rs 42,506/10 gm.
After multiple sluggish trading sessions, gold price moved in the positive zone on September 21 in early session. Silver was below Rs 59,000/kg level and would continue to bleed more, feel experts. The 24-carat variant of the yellow metal was trading at Rs 46,404/10 gm, up by Rs 219/10 gm from the previous close of Rs 46,185/10 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 200 at Rs 42,506/10 gm. The previous close was Rs 42,306/10 gm.
“Gold prices built some speculative interest and opened moderately high amid selloff in global equity markets on account of Evergrande crisis. Precious metals are light before the FOMC meeting which could be positive for the safe heaven metal. The Fed will meet on Tuesday and the meeting would conclude on Wednesday. Market participants hope to gain more clarity as to the timeline in which the Federal Reserve will begin to taper their monthly asset purchases of $120 billion,” said Sandeep Matta, founder, TRADEIT Investment Advisor.
“Gold prices were moderately up in mid-day US trading on September 20 on some safe-haven demand amid a rough start to the trading week for the world stock markets. Still, gold bulls have to be disappointed that their safe-haven metal did not perform better yesterday, given the scope of losses in the US stock indices,” said Amit Khare, AVP, research commodities, Ganganagar Commodities Limited.
Silver still under cosh
On September 21 silver again slipped and reached almost Rs 59,500/kg level. Experts feel this time silver may create a record low. The price of the white metal witnessed a slump in the early trading session on September 21 as it was trading at Rs 59,661/kg, down by Rs 214/kg from previous close of Rs 59,875/kg.
“Not only spot price, December silver futures hit a 14-month low today. If the selling pressure in the global stock markets persists this week, the two metals are likely to see better safe-haven demand. Gold and silver both showed a downward movement on September 20 trading session both in spot and in Multi-Commodity Exchange (MCX) trading. As per technical charts both metals are trading at oversold zone, which means any time we can see a good short covering rally in bullions,” added Khare.