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Gold and silver prices in Indian markets rose significantly on the first day of the week. Both metals witnessed a jump in term of price on November 8. The 24-carat variant of the yellow metal was trading at Rs 48,141/10 gm, up Rs 439/10 gm from previous day’s price of Rs 47,702/10 gm, as per the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was also up Rs 402 to Rs 44,097/10 gm from the previous day’s rate of Rs 43,695/10 gm.

“Gold looks stronger day by day. As the demand surged during the festive season, we might see stable buying in gold and silver. We advise traders to create fresh long positions in gold and silver on dips,” said Ravi Singh, vice president, ShareIndia.

“Gold prices held a decent gain in midday US dealings on Friday. Support came from a weaker US dollar index, firm crude oil prices and falling US government bond yields on the first trading day of the week and of the month,” said Amit Khare, AVP- research commodities, Ganganagar Commodity Limited.

Silver up

Silver also witnessed a good jump in the early trading season on Monday. The white metal was trading at Rs 64,631/kg, up by Rs 1,080 from previous day’s close of Rs 63,551/kg, according to the IBJA rate.

“Gold and silver both showed decent buying from bottom both on November 4 and 5 trading session,” Khare told Money9.

“We saw some good buying in bullions at lower levels, which may continue for the next few trading sessions. As per technical charts both metals are ready for upside movement. Momentum indicator RSI is also indicating the same on daily chart,” he added.