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Gold price today: Both gold and silver are under pressure due to multiple overseas reasons and there is no sign of revival as of now.
Gold and silver are still under stress as evident in the early session of trade on September 30. The prices of both metals dropped slightly and continued to continue the bearish run on the last day of September. The 24-carat variant of the yellow metal was trading at Rs 45,959/10 gm, down by only Rs 130/10 gm. It had closed at Rs 46,089/10 gm on September 29, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold slipped by Rs 120 and reached Rs 42,098/10 gm on Thursday. The previous closing price was Rs 42,218/10 gm.
“The precious metal has lost almost $100 in September and increased possibilities to breach the $1,700/oz level by making daily new lows. The combination of higher treasury yields, strong dollar, inflation fear and risk off sentiments in the marketplace are the key reasons for under performance of gold,” said Sandeep Matta, founder, TRADEIT Investment Advisor.
“Gold on MCX is also in the grip of bears and trading below the key physiological level of Rs 46,000. The outlook is negative. However, we may see some speculative buying interest after this sell-off and expected roll over due to nearing monthly expiry,” added Matta.
“Stronger dollar and firmer US treasury yields pushed gold to it’s one month low in the global market, and in MCX gold is trading at six-month low. Traders are waiting to have some clues from the speech of Fed chairman Powell in his testimony before the Congress,” said Ravi Singh, VP, ShareIndia.
Silver still under pressure
Like gold, white metal is also down on September 30 early session and reached a record low of almost Rs 57,000/kg zone. Silver was trading at Rs 58,239/kg levels on Thursday, down by Rs 1,757/kg from the previous close of Rs 59,996/kg on September 29.
“Gold prices are lower and hit a record low in midday US trading on Wednesday, as modest early gains were erased when the US dollar index rallied to an 11-month high and the US stock indices recovered from Tuesday’s solid selling pressure. Besides, silver prices were hammered to a 14-month low on today. Gold and silver showed downside movement on September 29 trading session and continued the run in September 30 session too. We saw selling pressure in gold and silver since Monday due to the US dollar index rallying to an 11-month high. But both metals are trading at oversold zone for the past three-four trading sessions. Momentum indicator RSI is also indicating the same and creating a strong positive divergence for both the metals,” said Amit Khare, AVP, research commodities, Ganganagar Commodity Limited.