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After a brief pause, Indian bullion markets remained flat on the first day of the week, starting November 29. On Monday, gold witnessed a very small rise while silver recorded a small drop in the early trading session.
The 24-carat variant of the yellow metal was trading at Rs 48,118/10 gm, up by only Rs 125/10 gm from previous day’s price of Rs 47,993/10 gm, according to rates provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was at Rs 44,076/10 gm, up marginally by Rs 114 from previous day’s rate of Rs 43,962/10 gm.
“Gold prices is drawing support on account of new and possibly vaccine-resistant Covid variant detected in South Africa and a few other Asian countries. In this scenario, if the situation worsens or a new lockdown is imposed globally we may see a rebound in gold prices,” said Ravi Singh, VP, ShareIndia.
“Gold prices were solidly higher in early US trading on Friday, on safe-haven demand and short covering by the futures traders, amid a potentially ominous development on the pandemic front,” said Amit Khare, AVP- research commodities, Ganganagar Commodity Limited.
Silver traded flat
Like yellow metal, silver was also trading flat on Monday early session. Silver was trading at Rs 63,095/kg, down by Rs 365/kg from the previous day’s price of Rs 63,460/kg on November 26.
“Gold and silver both showed mixed movement on early trading session on November 29. We are seeing 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 chart overall structure of gold and silver are looking positive. Momentum indicator RSI are also indicating the same in hourly chart and trading at oversold zone,” he added.