Gold price today 26 August 2021: Yellow metal dips Rs 261/10 gm; check rates in Delhi, Mumbai and Kolkata

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After four trading sessions, the price of gold and silver again dropped in early trade on August 26. Both the metals witnessed a substantial dip in their respective prices. The 24-carat version of gold opened at Rs 47,294/10 gm, down by Rs 261 from the previous close Rs 47,555/10 gm, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). On the other hand, 22-carat gold was trading at Rs 43,321/10 gm, down by Rs 240/10 gm. The 22-carat variant closed at Rs 43,560/10 gm on August 25.

“Gold prices seems to have gone in hibernation mode and are operating comfortably within the range of $1,770-$1,810/oz. Market participants are keenly eyeing upcoming economic symposium which could become the new catalyst for gold to surge. Gold on MCX also dropped and traded in deep stress throughout yesterday and in early trade today. The outlook is negative until it crosses and sustains above Rs 47,500 levels. The momentum indicators are suggesting some more profit booking for the traders,” said Sandeep Matta, founder, TRADEIT Investment Advisor.

Silver slightly down

After back-to-back positive trading sessions, silver was slightly down in the opening trade on August 26, trading at Rs 63,306/kg, down by Rs 108 from the previous close of Rs 63,414/kg.

“Gold and silver prices were lower in midday trading in USA on Wednesday, but up from session lows, on some routine profit taking and downside corrections after recent gains. Better risk appetite recently is also a bearish element for the safe-haven metals. Gold and silver showed a downside movement in some previous trading sessions as well as today. On August 25, we saw routine profit booking in gold and silver from higher levels, which is necessary for the next upward movement,” said Amit Khare, AVP, research commodities, Ganganagar Commodities Ltd.

He also said momentum indicator RSI is creating a strong positive divergence in silver in daily charts and any dip is an opportunity to create fresh long positions for both gold and silver.