Gold price today 31 August 2021: Yellow metal slips by Rs 123/10 gm; check rates in Delhi, Kolkata and Chennai

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Gold and silver prices were trading almost flat on August 31 again. All the variants of gold — 24 carat, 22 carat and 18 carat — were down by less than Rs 125/10 gm. The 24-carat variant of yellow metal was trading at Rs 47,424/10 gm on August 31, down by only Rs 123 from the previous close of Rs 47,547/10 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 113 and reached Rs 43,440/10 gm. The previous close on August 30 was Rs 43,553/10 gm.

On the other hand, silver was trading on positive side. The white metal was up by almost Rs 190/kg on Tuesday in early session.

“Gold prices witnessed a routine correction after the breakout on Friday and was trying to consolidate above its 100-DEMA level. The precious metal after Fed’s dovish commentary on tapering related timelines has entered into its strong resistance zone of past few months which is established at $1,835/oz and more traction can be expected once it crosses and sustains above these levels. Gold on MCX also traded with negative bias throughout the day however maintaining the Rs 47,300 level. The outlook is positive on the back of dollar and yield weakening, while we recommend investors to buy gold and add more on every dip,” said Sandeep Matta, founder, TRADEIT Investment Advisor.

Silver in positive cue

On the other hand, silver price witnessed a slight upwards movement. On August 31, the price of the white metal was up by Rs 187/kg to reach Rs 63,797/kg. Silver traded at Rs 63,610/kg on August 30, according to data provided by IBJA.

“Gold and silver futures prices were weaker in midday US trading on Monday, on some normal corrective pullbacks after gains Friday that produced technically bullish weekly high closes. There was better risk appetite to start the trading week, as seen by the S&P 500 and Nasdaq stock indexes scoring record highs today. Gold and silver both showed overall down movement on Monday and the picture is not so much different on Tuesday though. Gold and silver are showing strength in daily chart and momentum indicator RSI is also giving positive signal. So, any dips in the price provide an opportunity to create fresh long positions in bullion,” said Amit Khare, AVP, research commodities, Ganganagar Commodities Ltd.