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Gold and silver both witnessed a small rise in price October 5. The 24-carat variant of the yellow metal was trading at Rs 46,711/10 gm, up by Rs 119/10 gm. It closed at Rs 46,592/10 gm on October 4, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold also rose by Rs 109 and reached Rs 42,787/10 gm on Tuesday. The previous closing price was Rs 42,678/10 gm.

“The precious metal jumped only a little on Tuesday after the OPEC discussed an increase the oil production. US Benchmark equity market indices have witnessed selloff after OPEC comments while gold that enjoy the status of safe haven was the key beneficiary. Gold on MCX is also getting the price action back on the side of the bulls as the current world situations such as rising US debt, lower dollar, yields, global equity turmoil are favouring gold,” said Sandeep Matta, founder, TRADEIT Investment Advisor.

On the other hand, another expert felt gold export figure would have a positive impact on slowly reviving price of yellow metal.

“Gold traded higher yesterday and today after one of the government officials said that India’s gold imports in September soared 658% from last year’s lower base. A correction in local prices from the lowest level in nearly six months prompted jewellers to step up purchases for the upcoming festive season,” said Ravi Singh, VP, ShareIndia.

Silver almost flat

On the contrary, silver was hovering between Rs 60,000 and Rs 60,500 range for the last three sessions. The white metal was trading a bit low, down by Rs 200/kg from yesterday’s price and traded at Rs 60,411/kg. Silver traded at Rs 60,611/kg on October 4, according to IBJA figure.

“Gold and silver prices were higher in midday US trading on Monday, supported by safe-haven buying amid another sell off in the US stock markets in what history shows can be a turbulent month for the equities and financial markets. Gold and silver showed upside movement on the third consecutive day on Monday and a mixed movement on Tuesday in early trading session. Yesterday we saw follow-up buying in both gold and silver at lower levels. Now both metals are forming a bottom. Momentum indicator RSI is also indicating the same and creating a strong positive divergence in daily chart as well,” said Amit Khare, AVP, research commodities, Ganganagar Commodity Limited.