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"We expect gold price to rise in the coming months," said Manoj Dalmia, founder and director, Proficient Equities Private Ltd.
Due to sluggish demand in both local and global markets, gold price was almost flat and silver was trading in slight negative zone on September 27 in early session. The 24-carat variant of the yellow metal was trading at Rs 46,278/10 gm, up by only Rs 22/10 gm. It had closed at Rs 46,256/10 gm on September 24, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold reached Rs 42,391/10 gm on Monday. The previous closing price was Rs 42,370/10 gm.
“The safe haven metal was trading at critical support level after post FOMC event last week and is susceptible to lower pricing on various technical momentum indicators. The odds such as strong dollar, higher treasury yields, dot plots and global equity rally are against the precious metal and probabilities of breaching $1,700/oz are increasing. Gold on MCX is also following the US market trend. While heavy selloff is unlikely the outlook is certainly negative. Participants who have strategic positions are advised to hedge it while tactical positions must be align to key pivotal levels either side proactively during the day,” said Sandeep Matta, founder, TRADEIT Investment Advisor.
“Gold seems to have corrected by almost 19% from its all-time high of Rs 56,398/10 gm and can be seen as a good opportunity to accumulate on dips as we expect gold price to rise in the coming months,” said Manoj Dalmia, founder and director, Proficient Equities Private Ltd.
Silver at Rs 60,000/kg level
On the other hand, silver was also trading in the negative zone for quite sometimes. The white metal was down in today’s early trade and came down to Rs 60,000/kg levels once again. Silver was trading at Rs 60,233/kg levels on Monday, down by Rs 442/kg from previous close of Rs 62,675/kg September 24.
“Gold and silver futures have fallen by 2.54% and 3.3% respectively in the last one week, indicating poor demand. Currently, it has broken a trendline and is also halting near a support, we can expect a further fall in gold prices till the Rs 44,000 price zone as it seems to be a decent support,” Dalmia added.