Gold price today: Bullion market is stabilising after prices slumped to a four-month low on August 9, said Amit Khare of Ganganagar Commodities.
fter almost a week and a half, gold and silver spot prices rose slightly up after a long gap on August 12 with the yellow metal at Rs 46,597/10 gm, up by Rs 378 from yesterdays closing, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). On August 11, it traded at Rs 46,219/10 gm. The price of 22 carat gold also held up by Rs 346 at Rs 42,683/10 gm from previous close of Rs 42,337/10 gm. On the other hand, silver was trading flat rather today, down by Rs 70/kg amid sluggish demand across the trading community in early trade.
The gold bulls are stabilising prices after four months low. However, bears have some near-term technical advantage as global equity markets and crypto currency are becoming showstopper for gold to become a preferred asset class. Gold and silver on MCX also recovered and sustained over 46,000 and 63,000 levels with positive price volume action and we anticipate recovery in precious metals. We advise long term investors to start buying in gold in staggering manner while short term traders should follow key pivotal levels with positive biases, said Sandeep Matta, founder, TRADEIT Investment Advisor.
Gold prices were sharply higher in midday US trading on Wednesday, supported by some bargain buying in the cash market and short covering in the futures market. Silver prices are just slightly up. The precious metals bulls have stabilised their markets at mid-week, following recent selling pressure, said Amit Khare, AVP research commodities, Ganganagar Commodities Ltd.
Silver comparatively flat
After hitting a low of Rs 62,773/kg, silver further declined on August 12 by almost Rs 70. In early trade silver was trading at Rs 62,703/kg on Thursday. Experts feel silver price might dip to as low as Rs 60,000/kg level soon. After almost a year the price of silver again came down to Rs 62,000/kg level on Wednesday.
Technically, bullion market is stabilising after prices slumped to a four-month low on August 9. Gold and silver showed mixed movement on Thursday in early trade. Momentum indicator RSI also giving positive divergence in four-hourly as well as hourly chart, so traders are advised to create buy positions in gold and silver near given support levels, added Khare.