Gold price today 7 September 2021: Yellow metal slightly down; check rates in Delhi, Mumbai and Kolkata

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The Indian bullion market witnessed a slight dip on September 7 in early trade. Both gold and silver slipped a little in opening trade on September 7. The 24-carat variant of the yellow metal was trading at Rs 47,478/10 gm, down by Rs 95/10 gm from the previous close of Rs 47,573/10 gm, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was also down by Rs 87 and reached Rs 43,490/10 gm. It had closed at Rs 43,577/10 gm.

“Gold is struggling to find bullish momentum despite currency weakening and real interest rates remain well entrenched in negative territory. Prices are trading in a small tight range and consolidating around Rs 47,500 level. Globally, the precious metal has some near term bullish technical advantage. However, facing some difficult headwinds and producing the closing above $1,835/oz will be a key challenge for the market participants to pass,” said Sandeep Matta, founder, TRADEIT Investment Advisor.

“Gold and silver started the week marginally higher but on the second day, it has slipped again. The yellow metal is trading at $1,827/oz while silver has moved to $24.77/oz. On the weekly charts, it seems easy to see why gold is stuck in a strong consolidation zone. It is best to pick up this time-frame at the month-end and as August just closed the downside rejections seem evident. Another key consideration has to be the lack of volumes over the last five-six weeks. There seemed to be no real conviction in any of the downside moves,” said Amit Khare, AVP, research commodities, Ganganagar Commodities Ltd.

Silver slips again

On September 7, the white metal also witnessed a drop. Silver was trading at Rs 64,792/kg, down by Rs 324/kg from the previous close of Rs 65,116/kg.

“Gold and silver showed a positive movement on Monday trading session, but again on Tuesday both the metals have seen a negative momentum. Yesterday was a dull session due to US labour day holiday on the Multi-Commodity Exchange (MCX) for October gold and silver both contracts. We have seen a huge short-covering rally in bullions on last Friday, Now technical charts are showing some profit booking on daily as well as 4 hourly charts,” added Khare.