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Gold and silver prices were slightly down in early trade on August 3 with the yellow metal (24 carat) down by Rs 61 to Rs 48,044/10 gms, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22 carat gold also fell by Rs 56 to Rs 44,008 from previous close of Rs 44,064/10 gms. Silver also fell by Rs 400/kg amid sluggish demand across the trading community.
“The lack of market participation is continuing in the gold as prices are hovering within the tight range and mostly unchanged on closing basis. The overall set up for the precious metal is bullish with lower US bond yields, depreciating dollar and increasing cases of delta variant. However $1835 is the key resistance zone to cross and sustain.” said Sandeep Matta, founder, TRADEIT Investment Advisor.
Silver at Rs 67,500
After passing Rs 68,000 level, silver has witnessed a continuous drop since July 29. On August 3 too, silver was down in early trade. Silver crossed the physiological level of Rs 68,000/ kg on July 29 and was at that level till 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 showed a small down movement on Monday, On the Multi-Commodity Exchange (MCX) too, they were slightly up. Yesterday, we saw small movement in gold and silver, Daily technical chart is showing some more profit booking and momentum indicator RSI is also indicating the same on hourly chart, So traders are advised to create fresh short positions near given resistance,” said Amit Khare, AVP- research commodities, Ganganagar Commodities Limited.
“Gold on MCX is also trading tepidly and somehow manages to close above 48,000. Safe heaven is still following the sideways pattern despite improving fundamentals and market participants are advised to follow the key pivotal levels both the sides,” added Matta.