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The Indian bullion markets were trading almost flat on Monday, November 15. The price of gold remained flat, but silver was a bit low in early trading session. The 24-carat variant of the yellow metal was trading at Rs 49,163/10 gm, down by Rs 80/10 gm from previous day’s price of Rs 49,243/10 gm, according to rates provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was at Rs 45,033/10 gm, down by Rs 74 from previous day’s rate of Rs 45,107/10 gm.
“In past weeks we have seen higher volatility in gold prices due to improved macro indicators, stronger US dollar, expectation of early Fed bond tapering and higher US Treasury yields,” said Ravi Singh, VP, ShareIndia.
“However, the challenges arising in the stable recovery of global economies and the demand in the festive season has somehow maintained the upward thrust in safe haven appeal and pushed gold to higher levels,” he added.
“Gold prices are continuing the bullish trend due to this dovish expectation. We advise investors to keep a buy on dips policy in gold till a clear direction from US Fed is coming,” said another Industry expert.
Silver was trading low
Like the yellow metal, white metal was also trading at a low compared to the previous day. It again came back to the Rs 66,500/kg level. Silver breached Rs 67,000/kg zone for the first time since August 2021 on November 12.
Silver was trading at Rs 66,488/kg in November 15 early trading session. It slipped by Rs 528/kg from Friday’s trading price of Rs 67,016/kg, according to the rate provided by IBJA on Monday.