Gold price today 1 September 2021: Yellow metal down by Rs 137/10 gm; check rate in Delhi, Kolkata and Chennai
Gold price today: The fundamentals of both the metals are steady and hovering above respective target level, feel experts.
After two days of slight drop, the price of yellow metal dipped again a little on September 1. All the variants of gold —24 carat, 22 carat and 18 carat and others — were down today. The 24-carat variant of yellow metal was trading at Rs 47,287/10 gm on September 1, down by Rs 137 from the previous close of Rs 47,424/10 gm on August 31, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA).
The price of 22-carat gold was also down by Rs 125 and reached Rs 43,315/10 gm. The previous close on August 31 was Rs 43,440/10 gm.
On the other hand, silver was trading on the negative side on September 1. The white metal was down by almost Rs 840/kg in early session.
“Gold prices are trading in the small tight range giving both side moves and consolidating around 100-DEMA level. The precious metal has some near term bullish technical advantage. However, it is facing some difficult headwinds and is producing the closing above $1,835/Oz will be a key challenge for the market participants. Gold on MCX also traded with negative bias throughout the day though somehow it maintained the Rs 47,400 level. It has been a frustrating trade as the precious metal struggled to find bullish momentum despite currency weakening and real interest rates remaining well entrenched in negative territory,” said Sandeep Matta, founder, TRADEIT Investment Advisor.
Silver down again
After back-to-back positive sessions since last week, white metal finally traded in the downside on September 1. The price of the white metal nosedived by Rs 840/kg to reach Rs 62,957/kg. Silver traded at Rs 63,797kg on August 31, according to data provided by IBJA.
“Gold and silver both showed a downward movement on Wednesday in early trading session. On the Multi-Commodity Exchange (MCX), too, both are trading at negative levels. But the fundamental of gold and silver are showing strength in daily chart and momentum indicator RSI is also giving positive signal. Gold is showing more fundamental strength than silver, so traders are advised to create fresh buy positions in gold and silver near given support levels. Gold prices were trading mildly up in midday US trading on Tuesday. Gold and silver both have traded with unchanged momentum today in choppy price action. Both metals have seen their near-term chart postures improve recently and that’s inviting the technical-based speculators to the long side of the bullion markets. It’s been and likely will continue to be a quieter trading week on this unofficial last week of summer for Americans, ahead of the three-day Labor Day holiday weekend,” said Amit Khare, AVP, research commodities, Ganganagar Commodities Ltd.