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Gold is battling lacklustre demand with the yellow metal (24 carat) down by Rs 22 to Rs 48,022/10 gms from Rs 48,044/10 gms in early trade on August 4 according to the rate provided by the Indian Bullion and Jewellers Association (IBJA) The price of 22 carat gold also fell by Rs 20 to Rs 43,988/10 gms from Rs 44,008/10 gms on August 3. On the other hand, silver price is up by Rs 600/kg as the demand rose across the trading community.
“Indian equity indices touched a record high in yesterday’s session, making the precious metal market participants a bit nervous. Our view on gold is neutral today as the prices are going nowhere and becoming purely a day trader’s play while respecting all key pivotal level both the sides,” said Sandeep Matta, founder, TRADEIT Investment Advisor.
“Since last Thursday, gold has been consolidating with a definitive bias to the downside. However, recent action has been muted at best with small price changes from day to day, as well as from open to close. It seems as though market participants are waiting for the next big fundamental event which will be the US Labor Department’s jobs report released this Friday.” said Amit Khare, AVP, research commodities, Ganganagar Commodities Limited.
Silver crosses Rs 68,000
After continuous sluggish show in the past four trading sessions, silver again crossed the Rs 68,000-mark on August 4.
“Gold and silver showed a mixed movement in today’s early trade. As a whole, gold and silver are giving some positive signals on daily charts with momentum indicator RSI also indicating the same on hourly chart. So, traders are advised to create fresh long positions near given support levels,” said Khare.
“Gold and silver prices continue to trade under pressure. Market participants are keeping an eye on US non-farm payrolls data to be released this Friday. The precious metal is like to trade directionless in absence of any fresh catalyst,” added Matta.