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Due to multiple overseas factors both gold and silver prices dropped further on September 9. The price of both gold and silver went further down and there is no indication of recovery in the next two-three days, according to experts. The 24-carat variant of the yellow metal was trading at Rs 47,010/10 gm, down by Rs 180/10 gm from the previous close, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was also down by Rs 168 and reached Rs 43,060/10 gm. It closed at Rs 43,228/10 gm on September 8.
“Precious metal not only lost it gains but also fell below $1,790/oz and it was worrisome for the bulls. After poor US employment data, treasury yield jumped as the market was anticipating that the Fed can continue to tolerate rising inflation in the near run. Gold on MCX also traded in pressure throughout the day and managed to close above the Rs 47,000 level. Negative job data in the US along with resurgence of COVID cases will be a short-term negative for the gold in future also,” said Sandeep Matta, founder, TRADEIT Investment Advisor.
“Gold and silver prices were lower in midday US trading on Wednesday, on some follow-through selling pressure from sharp losses seen on Tuesday, Wednesday and today in early trade. A higher US dollar index this week is a negative outside market force working against the metals,” said Amit Khare, AVP, research commodities, Ganganagar Commodities Ltd.
Silver slides by Rs 1,150/kg
After a slight dip in the past two days, white metal prices declined by Rs 1,148/kg on Thursday trading session and again came down to Rs 63,000/kg level. On September 9, the white metal was trading at Rs 63,362/kg, down by Rs 1,148/kg from the previous close of Rs 64,510/kg.
“Gold and silver showed a negative movement on Thursday early trading session in the Multi-Commodity Exchange (MCX) too. October gold and silver both contracted more than 0.6. Yesterday we saw some follow-through selling pressure from sharp losses. Yesterday’s move was also as per our view shared earlier. The technical charts are again showing some short covering rally in bullions. So, traders are advised to create fresh buy positions in gold and silver in small dips,” added Khare.