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Gold rates dropped a little on September 24 after US Fed chairman Jerome Powell sounded optimistic at the end of the Federal Open Market Committee (FOMC) meeting. The 24-carat variant of the yellow metal was trading at Rs 46,256/10 gm, down by Rs 212/10 gm from the previous close of Rs 46,468/10 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 195 at Rs 42,370/10 gm. The previous closing price was Rs 42,565/10 gm.
“The precious metal witnessed a small dip in the prices amid increasing interest of market participants in global equity markets. Equity markets are flying high after the FOMC commentary. Gold prices are unable sustain despite looming inflation threat in the economy and may be losing the safe haven status in the near term. Gold on MCX is also trading in the negative territory and bears have the overall technical advantage. The outlook for precious metal is negative and markets participants will be better off in finding shorting opportunities,” said Sandeep Matta, founder, TRADEIT Investment Advisor.
“Gold on MCX closed on a negative note post FOMC meeting and statement, which indicated tapering of bond buying will start soon. Easing Fed and China’s Evergrande fear also impacted gold to fall further,” said Ravi Singh, founder and director, DRS Advisory.
Silver springs
Despite FOMC’s positive outlook, the white metal was trading in a positive zone on September 24. Silver was up by Rs 313/kg and traded at Rs 60,675/kg level. The previous close was Rs 60,362/kg on September 23.
“Gold and silver prices were firmly lower in midday US trading on Thursday but silver had an unlikely revival in the early trading session in India on Friday. There is a keener risk appetite in the marketplace. October gold and silver futures both were down in MCX. Yesterday, we saw some selling pressure both in gold and silver at higher levels, but both metals are currently trading at oversold zones. Momentum indicator RSI is also indicating the same and creating a strong positive divergence in four-hourly as well as daily charts,” said Amit Khare, AVP- research commodities, Ganganagar Commodity Limited.
While talking about the FOMC effect on Indian bullion market, Khare said that Fed chairman Powell at his press conference sounded upbeat on economic and jobs-growth prospects in the US. Judging by the positive reactions of stock and financial markets, the Fed meeting’s results, while not prominently dovish, were not too hawkish either.