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After a flat trading session, Indian bullion markets rose slightly in the early trading session on November 10. Gold was trading a bit higher while silver was trading flat on Wednesday session. The 24-carat variant of the yellow metal was trading at Rs 48,313/10 gm, up by Rs 170/10 gm from the previous day’s price of Rs 48,143/10 gm, as per the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was at Rs 44,255/10 gm, up by Rs 156 from previous day’s rate of Rs 44,099/10 gm.
“Gold traded in a range bound zone with upward bias most of the indicators like RSI MACD and moving in positive zone. The demand of gold is also expected to increase during this festive period. We expect gold may touch 48,500 level or above,” said Ravi Singh, vice president, ShareIndia.
“Gold prices were modestly higher and hit another two-month high in midday dealings on Tuesday. The yellow metal bulls are touting a US inflation report that did not tamp down worries about rising prices,” said Amit Khare, AVP, research commodities, Ganganagar Commodity Limited.
Silver trades flat
Unlike yellow metal, white metal was almost flat in the early trading session on Wednesday. Silver was trading at Rs 64,692/kg on November 10, down by only Rs 50/kg from Tuesday’s price of Rs 64,741/kg, according to the rate provided by IBJA.
“Gold and silver showed good buying from bottom on November 9 trading session. We have seen some buying in bullions at lower levels yesterday, which may continue for the next few trading sessions. Gold hit two-month high of on Wednesday. As per technical chart both metals are showing good strength. Momentum indicator RSI is also indicating the same on daily chart,” said Amit Khare.