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"On MCX, gold may remain range bound between 46,600 and 46,900 with a bias towards the buying side," said Ravi Singh, vice- president and head of research, ShareIndia.
After two days of gains, gold and silver prices remained flat in the early trading session on October 8. While gold price rose a little, silver was down by a small margin. The 24-carat variant of the yellow metal was trading at Rs 46,941/10 gm, up marginal by Rs 56/10 gm. It was at Rs 46,885/10 gm on October 7, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was down by only Rs 51 at Rs 42,998/10 gm. The previous day’s price was Rs 42,947/10 gm.
“Gold is trading mildly negative ahead of US employment report and is almost flat on Friday. Rally in the global equity markets, dollar strength, higher yields, major crypto upticks are dragging the precious metal down. Outlook for today is positive and rangebound opening is expected. However, we anticipate higher volatility in bullion prices in the immediate aftermath of the job report,” said Sandeep Matta, founder, TRADEIT Investment Advisor.
“Gold closed yesterday on a slightly negative note and almost continued that trend on October 8 too. On MCX, gold may remain range bound between 46,600 and 46,900 with a bias towards the buying side,” said Ravi Singh, vice- president and head of research, ShareIndia.
Silver below Rs 61,000/kg zone
Silver again witnessed a slight drop in price on Friday. The white metal was trading at Rs 60,932/kg, marginally down by Rs 146 from yesterday’s price of Rs 61,078/kg.
“Gold and silver prices were slightly down in midday trading in the US on Thursday. Both the yellow and white metals are also pausing ahead of key US economic that would be released on Friday. The market is waiting for the figures to move forward. Gold and silver showed mixed movement on October 7 trading session and continued its rally on Friday too. On MCX both these metals are showing the same trend as spot markets. For the last couple of sessions, we saw follow up buying in gold and silver at lower levels. Both metals are forming a bottom now. Even momentum indicator RSI is also indicating the same and creating a strong positive divergence in daily chart. So, traders are advised to create fresh long positions in gold and silver in small dips near given support,” said Amit Khare, AVP, research commodities, Ganganagar Commodity Limited.