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Gold price today: Price of 22-carat gold also rose by Rs 114 and reached Rs 42,678/10 gm in early trade.
Indian bullion markets opened in a positive note in early session on October 4. Both gold and silver witnessed a jump in price in varying degrees. After six sluggish sessions, the Indian bullion market witnessed positive vibes on Friday and again on Monday in early sessions. The 24-carat variant of the yellow metal was trading at Rs 46,592/10 gm, up by Rs 125/10 gm. It closed at Rs 46,467/10 gm on October 1, according to the rates provided by the Indian Bullion and Jewellers Association (IBJA).
The price of 22-carat gold also rose by Rs 114 and reached Rs 42,678/10 gm on Monday. The previous closing price was Rs 42,564/10 gm. Silver prices were also up by more than Rs 1,200/kg on October 4.
“The precious metal seems to be consolidating around $1,750/oz level amidst looming energy crisis. In the past few days price action in gold was promising while renewed stagflation fears fuelled positivity in the short-term momentum indicators. Gold on MCX is also trading with renewed positivity and trading at crucial level of 46,500. Market participants will particularly keep an eye on release of US employment data for September before taking fresh view on new strategic position in the precious metal. We anticipate high volatility in the market and advise both investors and traders to follow pivotal levels,” said Sandeep Matta, founder, TRADEIT Investment Advisor.
“Due to stronger dollar, Gold price was under pressure last week. High inflation may force Fed to rethink its recent decision in regard to bond tapering. Hence, gold may recover its losses this week,” said Ravi Singh, VP, ShareIndia.
Silver regains Rs 60,000/kg level
After witnessing back-to-back sluggish week, silver was trading above Rs 60,000/kg zone on Monday. White metal, too, witnessed a jump on Monday in the early trading sessions. It was trading at Rs 60,611/kg levels on Monday, up by Rs 1,203/kg from the previous close of Rs 59,408/kg on October 1.
“Gold’s bounce off a two-month low last week is creating some optimism in the marketplace. Gold and silver prices were solidly up in midday US trading on Friday on good corrective rebounds after gold hit a six-week low and silver a 14-month low on Tuesday. A sell off in the US stock market yesterday also prompted a bit of safe-haven demand for the metals. Gold and silver showed an upside movement on Monday. We also saw some follow up buying in gold and silver at lower levels, which may continue for next two-three trading sessions. Both metals are still trading at oversold zone. But momentum indicator RSI is also indicating the same and creating a strong positive divergence, so traders are advised to create fresh long positions in gold and silver in small dips near given support,” said Amit Khare, AVP, research commodities, Ganganagar Commodity Limited.