Gold price today 02 September 2021: Yellow metal trading flat; check rates in Delhi, Mumbai and Kolkata
Gold price today: Bullish equity markets pull back the bullion price while US job data may add some pinch, feel experts.
Due to the extraordinary bull run of the Indian stock markets in the last couple of days, the price of gold has remained almost flat or showing slightly downward trend. The 24-carat variant of the yellow metal was trading at Rs 47,224/10 gm on September 2, down by Rs 63 from the previous close of Rs 47,287/10 gm, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was also down by Rs 58 and reached Rs 43,257/10 gm. The previous close on Wednesday was Rs 43,315/10 gm. Silver was trading in a positive trend, and up by almost Rs 735/kg on Thursday.
“The lacklustre movement in gold continues and is somehow managing to trade above the key momentum indicators. The market participants are eyeing US employment data to be released on Friday which is expected to come lower than expected. Lower employment data could have bullish undertone for gold and bearish for dollar and the precious metal may find a new catalyst to break its key resistance zone of $1,835-$1,845/oz. Gold on MCX also traded in a tight range on both the sides. Equity markets are making new highs on daily basis and getting more traction than the safe heaven. The outlook for gold is expected to be rangebound during the day and will offer opportunities for the traders,” said Sandeep Matta, founder, TRADEIT Investment Advisor.
“Gold prices were slightly lower and silver solidly higher in midday US trading on Wednesday. Metals traders are seeking the next significant fundamental input, which will likely be Friday morning’s US jobs report. Besides, record highs of Indian equity market also have a negative impact on both the metal. Future gold and silver both are down in future markets,” said Amit Khare, AVP, research commodities, Ganganagar Commodities Ltd.
Silver crosses Rs 63,000/kg
On the contrary, silver was trading on the higher side on September 2. The white metal was up by Rs 734/kg in early session and traded at Rs 63,691/kg. Silver was trading at Rs 62,957/kg on Wednesday session.
“Gold and silver showed mixed movements in Wednesday trading session, On the Multi-Commodity Exchange (MCX), too, they contracted a bit. Gold and silver are showing strength in daily chart and momentum indicator RSI is also giving positive signal. Silver is showing more strength in comparison to gold, so traders are advised to create fresh buy positions in gold and silver near good support levels,” added Khare.