Gold price today 27 August 2021: Yellow metal rises Rs 324/10 gm; check rates in Delhi, Kolkata and Chennai

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Gold price witnessed an upward movement in the early trading session on August 27. The 24-carat version of gold opened at Rs 47,618/10 gm, up by Rs 324 from the previous close Rs 47,294/10 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 43,618/10 gm, up by Rs 297/10 gm. The 22-carat variant closed at Rs 43,321/10 gm on August 26.

“Gold prices have witnessed some bullish traction from the lower range and trading above 50-DEMA on August 27. Market participants are expecting to get more clarity and insights on precious metal from the speech of Fed chairman at the Jackson Hole Economic Symposium. Increasing threats of delta variants are likely to negatively impact economic growth which may force Fed to take a step back and would be a bullish trigger point both for gold and silver. Gold on MCX has a bit of upward momentum but yellow metal is awaiting more clarity on tapering timelines from the Fed meeting. The outlook for gold is positive. However, we may see sharp moves in prices either side based on the outcome of the Fed meeting,” said Sandeep Matta, founder, TRADEIT Investment Advisor.

“Gold prices were modestly higher in midday US trading, on some safe-haven demand and bulls taking advantage of the earlier dip in prices to do some bargain hunting. Silver prices are moderately lower or the same. Multiple terrorist attacks at the airport while evacuating people from Afghanistan put a bit of a scare into the marketplace as the stock market weakened slightly, and in turn pushed gold prices slightly up,” said Amit Khare, AVP, research commodities, Ganganagar Commodities Ltd.

Silver trading flat

On August 27, the white metal was again trading almost flat at Rs 63,372/kg, up by only Rs 66 from the previous close of Rs 63,306/kg.

“Gold and silver showed a slight upward movement in today’s opening session. On the Multi-Commodity Exchange (MCX), October gold contracts closed higher by 0.12% at Rs 47,237 for 10 grams. While September contract silver futures closed at Rs 62,723 a kilogram 0.87% down. Gold and silver are making bottoms and momentum indicator RSI creating a strong positive divergence in silver in daily as well as 4-hourly chart, any dip is an opportunity to create fresh long positions in bullion,” added Khare.