Gold price on August 13, 2021 | Yellow metal almost flat, check rates in Delhi, Mumbai, Kolkata and Chennai
Gold price today: Recovery of gold is quite slow but erosion of silver price is substantial, feel experts
After witnessing volatility in the past few days, gold was trading almost flat on August 13. Silver went further down by Rs 300/kg. Spot prices of gold remain flat in the early trading session. The yellow metal traded at Rs 46,680/10 gm, up by only Rs 83 from Rs 46,597/10 gm from yesterday’s closing, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22 carat gold also rose by Rs 76 at Rs 42,759/10 gm from previous close of Rs 42,683/10 gm.
On the other hand, silver kept its downwards momentum on Friday to and traded almost down by Rs 290/kg amid sluggish demand across the trading community in early trades.
“Gold and silver showed mixed movement on August 12. On Friday, they held the same pace as yesterday. But on the Multi-Commodity Exchange (MCX), October gold contracts closed little bit lower by 0.05% at Rs 46,363 for 10 grams while September contracts of silver futures closed at Rs 61,860 a kg down 1.45%,” said Amit Khare, AVP, research commodities, Ganganagar Commodities Ltd.
“Gold prices were trading near steady in midday US dealings on Thursday. Importantly, gold bulls have stabilised the market following recent selling pressure that drove prices to a more-than-four-month low on Monday. Silver bulls still have some more work to do to steady their market,” he added.
Record low in silver prices
There is no sign of positivity in silver price. Erosion of the white metal continued on Friday too. After hitting a low of Rs 62,773/kg on August 11, silver further declined on August 13. On Friday the price went down by another Rs 288/kg from the previous session and stood at Rs 62,416/kg.
On August 12, it traded at Rs 62,703/kg in early trades. Experts feel silver price might dip to as low as Rs 60,000/kg level in August itself and remain stable at that level for quite some time.
“The key outside markets yesterday saw the US dollar index slightly up after hitting a 4.5-month high on Wednesday. The gold bears still have the overall near-term technical advantage. Silver price is still under immense pressure in spot and future market both,” said Khare.