87469Looking for health insurance? Treatment cost of these maladies will not be covered!
Gold price today: Price of 22-carat gold also cut by Rs 98 and reached Rs 42,689/10 gm in early trading session.
The Indian bullion market is still under pressure and did not recover as expected in early trading session on October 6. The 24-carat variant of the yellow metal was trading at Rs 46,604/10 gm, down by Rs 107/10 gm. It was at Rs 46,711/10 gm on October 6, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold also cut by Rs 98 and reached Rs 42,689/10 gm on Wednesday. The previous closing price was Rs 42,787/10 gm.
“The precious metal is trading under pressure and finding support around its key psychological level of $1750/oz. Reduction in bond purchase, strong dollar are continue to weigh on the gold prices. However we anticipate that bullish trend in the counter is soon going to start. Gold on MCX is also operating within the small range under pressure. The outlook is positive and market participants should look for buying opportunities at lower level of the range,” said Sandeep Matta, founder, TRADEIT Investment Advisor.
“Gold prices fell marginally yesterday amid range-bound trading. It may trade between 46500 and 46800 with a little upward bias on Wednesday,” said Ravi Singh, vice-president and head of research, ShareIndia.
Silver up in early trade
The white metal was trading a bit positive side, up by Rs 105/kg from yesterday’s price and traded at Rs 60,516/kg. Silver traded at Rs 60,411/kg on October 5, according to IBJA figure.
“Gold and silver prices were little bit down in midday US trading on Tuesday amid solid rebounds in the US stock indices after they witnessed selling pressure since Monday. Gold and silver showed mixed movement on October 5 trading session and probably continue this trend in the current week. Since last week we saw follow up buying in gold and silver at lower levels, now both metals are forming a bottom, Momentum indicator RSI also indicating the same and creating a strong positive divergence in daily chart for both the metals. So traders are advised to create fresh long positions in both gold and silver,” said Amit Khare, research commodities, Ganganagar Commodity Limited.