After multiple sluggish seasons Indian bullion markets saw a brief jump on Friday trading season. Both gold and silver were trading in a positive zone on November 26. The 24-carat variant of the yellow metal was trading at Rs 47,993/10 gm, registering a jump of Rs 279/10 gm from the previous day’s price of Rs 47,714/10 gm, according to rates provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was Rs 43,962/10 gm, up by Rs 256 from the previous day’s rate of Rs 43,706/10 gm.
“Minutes from the November US Fed meeting show members concerned about inflation and willing to tighten policy. This anticipation is putting pressure on gold prices and capping the rise. Gold has entered the consolidation zone and remain till the levels of 47,700 or 47,300 is broken,” said Ravi Singh, vice president, ShareIndia.
“Gold and silver both were trading higher this morning by almost 0.5%. The yellow metal is approaching $1,800/oz again while silver was trading at $23.66/oz level,” said Amit Khare, AVP, research commodities, Ganganagar Commodity Limited.
Like yellow metal white metal was also trading in the positive zone on Friday. Silver was trading at Rs 63,460/kg on Friday, up by Rs 260 from yesterday’s trading price of Rs 63,200/kg, according to the rate provided by IBJA on November 26.
“Gold and silver showed mixed movement on November 25 trading session. We were witnessing profit booking in bullions in the past five-six trading sessions. Now the current levels are the best prices for short term investors,” Amit Khare told Money9.
“As per technical charts overall structure of gold and silver are looking positive. Momentum indicator RSI is also indicating the same in hourly charts and trading at oversold zone. So short-term investors are advised to create fresh longs,” added Khare.
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