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Gold and silver prices dropped again in the early session on October 29. The 24-carat variant of the yellow metal was trading at Rs 47,927/10 gm, down Rs 138/10 gm from Thursday’s price of Rs 48,065/10 gm, as per the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was also down by Rs 127 to Rs 43,901/10 gm from the previous day’s rate of Rs 44,028/10 gm.
“India’s gold demand has seen a 47% year-on-year jump in the July-September quarter to 139 tonnes, following stound in economic activity and recovering consumer demand, the World Gold Council said in a report. According to the WGC, gold demand in India is bouncing back to pre-COVID levels and going forward the outlook looks bullish. But still due to some reasons Indian domestic market has seen a negative impact on Friday trading session.” said Ravi Singh, vice president & head of research, ShareIndia.
“Gold prices were mildly higher in midday trading on Thursday. Solid losses in the US dollar index are prompting some buying interest in precious metals,” said Amit Khare of Ganganagar Commodity Limited.
Silver is also down
Like yellow metal silver was also down in the early trade on Friday. The white metal was trading at Rs 64,099/kg on October 29, down by Rs 600/kg from Yesterday’s price of Rs 64,699/kg.
“Gold and silver both showed profit booking on October 28 trading session both in the Multi-Commodity Exchange (MCX) and spot market,” said Khare.
“Yesterday we saw some profit booking in bullions at higher levels which may continue for next 2-3 trading sessions. Momentum indicator RSI also indicating the same on daily chart. So, traders are advised to make fresh short positions in both the metal in small bounce near given resistance levels, ” he added further.