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After a series of sluggish trading seasons gold and silver price finally went up on September 22 in early trade. Due to multiple reasons both yellow and white metal witnessed a jump. The 24-carat variant of the yellow metal was trading at Rs 46,871/10 gm, up by Rs 467/10 gm from the previous close of Rs 46,404/10 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 428 at Rs 42,934/10 gm. The previous closing price was Rs 42,506/10 gm.

“Gold registered double digit gains in yesterday’s trade as investors were looking for some hedge and safety amid Evergrande volatility which has triggered a broad-based selloff in worldwide equity markets. Gold on MCX has also closed on positive note while turning the momentum indicators in favour of bulls. Market participants are now eyeing the Federal Reserve monetary policy committee (FOMC) meeting outcome, particularly the tone of commentary which will decide the fate of safe haven in short run,” said Sandeep Matta, founder, TRADEIT Investment Advisor.

Like gold, silver is also witnessing a jump in price on September 22 in early session and again went back to Rs 60,000/kg level. The price of the white metal witnessed an impressive hike in the early trading session on September 22 as it was trading back at Rs 60,954/kg, up by Rs 1,293/kg from previous close of Rs 59,661/kg.

“There is still some safe-haven demand yesterday after Monday’s sharp selloff in global stock markets that still has left traders and investors uneasy in late-September, what can be a historically tumultuous time of year for stock and financial markets. Gold and silver both showed a good positive movement on September 22 in early trading sessions. On the Multi-Commodity Exchange (MCX) too both were in the positive mood. We have seen a good short covering rally in bullion at lower levels and this may continue for the next few trading sessions. As per technical charts, both metals are trading at oversold zone during a couple of sessions and so traders should focus on important technical parameters,” said Amit Khare, AVP- research commodities, Ganganagar Commodities Limited.