Indian bullion markets traded flat on Tuesday early session. Both gold and silver were almost flat on December 7. The 24-carat variant of the yellow metal was trading at Rs 47,831/10 gm, down by Rs 44/10 gm from previous day’s price of Rs 47,831/10 gm, according to rates provided by the Indian Bullion and Jewellers Association (IBJA).
The price of 22-carat gold was Rs 43,813/10 gm, down by Rs 42 from previous day’s rate of Rs 43,855/10 gm.
“Gold is trading on cues from international rates. The traders are weighing more on the early tapering by US Fed after data suggested the labour market was rapidly tightening, pushing gold to choppy zone,” said Ravi Singha, VP, ShareIndia.
“Gold prices are up just a bit in midday US trading on Monday. February gold futures was last up $1.50 at $1,785.40 and March futures in silver in Comex was last down $0.136 at $22.34 an ounce,” said Amit Khare, AVP- research commodities, Ganganagar Commodity Limited.
Like the yellow metal, silver was also trading flat in the early session on December 7 and remained in the Rs 61,000/kg zone. The white metal was trading at Rs 61,137/kg, down slightly by Rs 96/kg from the previous day’s price of Rs 61,233/kg on December 7.
“Gold and silver showed mixed movement on December 6 trading session. Now a days we are seeing huge volatility in bullion and this may continue for full month of December,” added Khare.
“As per technical charts gold and silver are both trading at oversold zone. Momentum indicator RSI is also indicating the same in hourly as well as daily chart. The current levels are the best prices for short term investors,” told Khare.