Gold price today 03 September 2021: Gold trading exceptionally flat, silver down by Rs 535/kg
Gold price today: Record rise in the equity market, rupee-dollar weak conversion, Fed data on employment pulling the market down, feel experts.
Due to a record rise in share markets and a weak rupee-dollar exchange rate, both precious metals gold and silver are struggling in the last trading session. The price of gold remained flat on Friday in the early session whereas silver was a bit down during the trading session. The 24-carat variant of the yellow metal was trading at Rs 47,208/10 gm on September 3, down by Rs 16 from the previous close of Rs 47,224/10 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 14 and reached Rs 43,243/10 gm. The previous close on Thursday was Rs 43,257/10 gm. Silver was trading in a negative trend, and down by almost Rs 535/kg on Friday.
“Gold prices continue to struggle to find momentum despite plenty of bullish sentiments such as weak dollar value, falling yields and positive fed commentary. Bulls have some technical advantage. However, producing a closing above $1,835/oz is still a challenge for market participants,” said Sandeep Matta, founder, TRADEIT Investment Advisor.
“Gold on MCX has also dropped below Rs 47,000 and is finding it difficult to maintain above Rs 47,300 levels. Employment data release from the US is the key event for the market participants which is expected to come lower than expectations and may bring new life to gold prices. Participants who have strategic position are advised to hedge it while tactical positions must be aligned to key pivotal levels either side proactively during the day,” he added.
Silver down again
On the other hand, silver was trading on the lower side on September 3. The white metal slipped by Rs 533/kg in early session and traded at Rs 63,158/kg. Silver was trading at Rs 63,691/kg on Thursday’s session.
“Gold and silver showed a downward movement on Friday early trading session. On the Multi-Commodity Exchange (MCX), October gold and silver both contracts closed at lower levels. Gold and silver are showing strength in daily charts and momentum indicator RSI also giving a positive signal. Gold is showing more strength in comparison to silver today, so traders are advised to create fresh buy positions in gold and silver near given support levels,” said Amit Khare, AVP, research commodities, Ganganagar Commodities Ltd.
“Gold and silver prices were lower in midday US trading on Thursday. A little risk aversion in the market at present is a negative for safe-haven metals. Traders could also be evening up or getting out of futures positions ahead of Friday morning’s US employment situation report from the Labour Department, which could cause some higher volatility in markets,” further added Khare.