Gold price today November 2: Yellow metal, silver trade flat on Dhanteras
On the day of Dhanteras, usually the day of the year when retail demand for gold and silver peaks, India bullion markets were more or less flat. Both gold and silver prices witnessed very small movement on Tuesday in the early trading session. The 24-carat variant of the yellow metal was trading at Rs 47,904/10 gm, up by only Rs 128/10 gm from Monday’s price of Rs 47,776/10 gm, as per the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was also up by Rs 117 to Rs 43,880/10 gm from the previous day’s rate of Rs 43,763/10 gm.
“Today is Dhanteras which is a significant Hindu occasion, on which people usually purchase gold and silver in the form of jewellery and utensils. This year it is expected to witness a surge in the sale of gold and silver jewellery. Lot of offers and discounts are also in market by jewellers to attract customers and that trend is exist in the market from the morning,” said Ravi Singh, vice president & head of research, ShareIndia.
“Gold prices is moving in a closed range, we expect this movement to continue for a few more trading session with an upward bias due to Dhanteras,” said Amit Khare, AVP, research commodities, Ganganagar Commodity Limited.
Silver marginally up
Like yellow metal, the white metal was also moving upward in the early trading session on November 2 but only marginally. The white metal was trading at Rs 64,402/kg on November 2, up by only Rs 34/kg from yesterday’s price of Rs 64,368/kg.
“Gold and silver both have showed decent buying from bottom on the day of Dhanteras. Yesterday we saw good buying in bullions at lower levels which may continue for the next few trading sessions. Today is the auspicious festival of Dhanteras, and, as per Indian belief, buying of gold and silver is considered lucky. So, we can see a good buying in bullion in the next two-three trading sessions. As per technical chart both metals are ready for upside movement again in the coming days,” added Khare.
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