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Indian bullion markets rose to a record high (KOTOMASHER RECORD) on Thursday early trading session mainly on account of high US consumer price index. The 24-carat variant of the yellow metal was trading at Rs 49,140/10 gm, up by Rs 827/10 gm from the previous day’s price of Rs 48,313/10 gm, as per the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was at Rs 45,012/10 gm, up by Rs 757 from previous day’s rate of Rs 44,255/10 gm.
“Gold is entering a bullish phase as the months of December and January are traditionally bullish in this metal. The price of gold has always risen in December and also in four cases out of past five years,” said Manoj Dalmia, founder and director, Proficient Equities Limited.
“This was fueled by an unexpectedly bigger inflation number in the US and subsequent worry of rising interest rate, yet it was in line with the intermediate uptrend.” he added.
“US consumer prices jumped 6.2% on an annual basis in October, the highest since 1990. On account of the data, gold jumped to record high and recovered its losses and is expected to remain in same trend for few more days,” said Ravi Singh, VP, ShareIndia.
Silver up by Rs 1,656/kg
Like yellow metal, white metal is also trading at the record high levels on November 11. Silver was trading at Rs 66,348/kg on November 11. It jumped by Rs 1,656/kg from Wednesday’s price of Rs 64,692/kg, according to the rate provided by IBJA.
“Gold and silver prices were solidly higher at midday on Wednesday with gold notching a five-month high and silver a three-month peak. Hot inflation numbers from the US and China fueled buying interest in the precious metals markets today,” said Amit Khare, AVP, research commodities, Ganganagar Commodity Limited.
“Gold and silver both showed superb buying from the bottom on November 10 trading session. Both metals are continuously rising in the past five trading sessions. As per technical charts at current prices both metals are looking risky for fresh buying. Momentum indicator RSI also indicating the same on daily chart,” Khare added.