Gold price today 6 September 2021: Yellow metal up by Rs 365/10 gm; check rates in Delhi, Mumbai and Kolkata

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Due to negative US job data, weak rupee-dollar relations and other factors bullion prices rose on September 6 in early session. All variants of gold and silver witnessed a hefty jump on September 6. The 24-carat variant of the yellow metal was trading high at Rs 47,573/10 gm, up by Rs 365/10 gm from the previous close of Rs 47,208/10 gm, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was also up by Rs 334 and reached Rs 43,577/10 gm. The previous close on Friday was Rs 43,243/10 gm.

“Gold prices surged significantly higher on significantly low job data and on the verge of breaking out the key resistance range of $1,835-$1,845/oz. The tepid job data count clearly indicates that the economic growth on consumer demand has taken few steps backwards. It also shows the impact of delta variant on global economies. Gold on MCX has also in positive trend which is really encouraging. Bulls have technical medium-term advantage over bears on account of subdued economic growth, currency weakening, and dovish fed commentary. The overall outlook and setup are positive for today and tomorrow,” said Sandeep Matta, founder, TRADEIT Investment Advisor.

“Gold and silver prices were higher in midday US trading on Friday and on Monday. It had a positive effect on the Indian bullion market too. Both the metals were treading in the higher resistance levels. Gold and silver prices surged earlier in the session after the US Labour Department said that 235,000 jobs were created in August, significantly missing expectations,” said Amit Khare, AVP, research commodities, Ganganagar Commodities Ltd.

Silver jumps

The white metal witnessed a big jump in price in the early trading session on September 6 as it crossed Rs 65,000/kg. Silver was trading at Rs 65,116/kg, up by record Rs 1,958/kg from previous close of Rs 63,158/kg.

“The US Labour Department data was a game-changer. It clearly shows that the economic recovery, which had been strong, has taken at least one or two steps backward in the recent time period. Gold and silver both showed a strong bounce back rally on Friday ending session and on Monday the positive sentiment has keep up its momentum. But today we have seen some profit booking on higher levels in gold and silver as per technical chart, momentum indicator RSI also indicating the same. So, traders are advised to book full profit in buy side and can create fresh short positions in gold and silver,” added Khare.