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Gold price today: Gold has started showing strength despite the odds and closed moderately high in yesterday’s trade.
After multiple weak trading sessions, the Indian bullion market finally witnessed a positive signal on October 7. Both gold and silver were up in the early trading session. The 24-carat variant of the yellow metal was trading at Rs 46,885/10 gm, up by Rs 281/10 gm. It was at Rs 46,604/10 gm on October 6, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was down by Rs 258 at Rs 42,947/10 gm. The previous day’s closing price was Rs 42,689/10 gm.
“Gold has started showing strength despite the odds and closed moderately high in yesterday’s trade. Market participants are awaiting the US non-farm payroll data which will be released tomorrow. Outlook for gold today is positive and range bound consolidation is expected where $1,775/oz will be the key level for the precious metal to pass before the fireworks,” said Sandeep Matta, founder, TRADEIT Investment Advisor.
Ravi Singh, VP, ShareIndia concurred.
“The higher US treasury yields on the expectations of rising inflation and expectation of Fed’s tapering soon is weighing heavily on gold prices. Now the attention is turning towards jobs data in the US to decide the next direction in gold price,” he said.
Besides, silver was again regaining its position in Rs 61,000/kg zone in the early trading session.
Silver breaches Rs 61,000/kg-mark
After multiple sluggish seasons silver regained its position on Thursday trading session. The white metal was trading at Rs 61,078/kg, up by Rs 562 from yesterday’s price Rs 60,516/kg.
“Gold and silver prices are modestly up in midday US trading on Wednesday on some short covering by the shorter-term futures traders and as bullish bargain buyers stepped in to buy in the earlier dip in prices. However, the key outside markets are in bearish daily postures for the metals at mid-week. Gold and silver both showed a small upside movement in late trading session on October 6 and continued its rally on October 7. Yesterday we saw follow up buying in gold and silver at lower levels and both metals are forming a bottom now. Momentum indicator RSI also indicating the same and creating a strong positive divergence in daily charts too,” said Amit Khare, AVP, research commodities, Ganganagar Commodity Limited.