Gold and silver prices were both down in early trade on August 2 with the yellow metal (24 carat) down by Rs 318 to Rs 48,105/10 gms from Rs 48,423/10 gms on July 30, according to the rate of Indian Bullion and Jewellers Association (IBJA). The price of 22 carat gold also fell by Rs 291 to Rs 44,064/10 gms from previous close of Rs 44,355. Silver also fell by Rs 176/kg amid sluggish demand across the trading community.
“Gold and silver showed a negative movement in the second half of last Friday. Last week, we saw profit booking in gold and silver, which may continue today because momentum indicator RSI also indicating the same on hourly charts,” said Amit Khare, AVP- research commodities, Ganganagar Commodities Limited.
“Gold prices are expected to remain under pressure amid positive global equity markets and market participants are advised to follow key pivotal levels either side,” said Sandeep Matta, founder, TRADEIT Investment Advisor.
After a record high, silver prices witnessed a slight drop on August 2, falling by Rs 176 to Rs 67,936/kg from Rs 68,112/kg in the early trade.
Silver crossed the physiological level of Rs 68,000/ kg on July 29 and was at that level on July 30. But experts think it will come down below Rs 67,000/kg level very soon and remain stable at that level.
“Gold and silver prices pushed to a nearly six-week high following FOMC outcome and witnessed some technical selling pressure into the weekend. The change in outlook further cements the view that interest rates will stay lower for a longer time frame which is surely a big positive for the gold however precious metal has to breach and start sustaining above $1,840 level to reverse the current consolidation phase.” said Sandeep Matta, founder, TRADEIT Investment Advisor.
The Indian Bullion and Jewellers Association (IBJA) usually revises gold-silver rates twice a day, one around 12 noon and around 6 pm. This rate is considered to be the base of gold and silver prices in the country.
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