Gold price today 16th August 2021 | Yellow metal up Rs 360/10 gm; check rates in Delhi, Mumbai and Kolkata
Gold price today: Bullion markets showed a strong upward movement on August 13 and that continued in early trade too on August 16
As per the expectations of experts, the price of gold and silver rose on August 16. After considerable dip in prices last week, the Indian bullion market opened with a strong positive note. The yellow metal opened at Rs 47,040/10 gm, up by Rs 360 from the last closing on Friday 13, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). On August 13, it traded at Rs 46,680/10 gm.
The price of 22 carat gold was also up by Rs 330 at Rs 43,089/10 gm. The previous closing price was Rs 42,759/10 gm.
On the other hand, silver was trading at a higher level today, up by Rs 631/kg after a period of almost 2 weeks. The last time silver price rose was on August 4. Since then the price of the white metal was under great stress.
“Gold and silver showed strong movement on Friday and it continued on Monday in early trade too. Last week on Monday both gold and silver slumped to a low. But this week has started with a positive vibes. We hope this will sustain for the whole week,” said Amit Khare, AVP, research commodities, Ganganagar Commodities Ltd.
“We saw short covering rally in gold and silver in the last two trading sessions, but we can again see some following down movement in bullion as per current technical charts. Momentum indicator RSI is also indicating the same on daily charts. Traders are advised to book their longs and can create some short positions in gold and silver near given resistance levels,” added Khare.
Silver is shining
After hitting a low of Rs 62,413/kg, silver is in the positive mood. On August 16 silver was trading up Rs 630/kg. In early trade on August 16, the spot price of silver was at Rs 63,047/kg, up from previous closing price of Rs 62,416/kg.
Experts still feel silver price might dip to as low as Rs 60,000/kg level.
On the other hand, on the multi-commodity exchange (MCX), October gold contracts closed higher by 1.24% at Rs 46,940 for 10 grams. While September contract silver futures closed at Rs 63,238 a kilogram 2.23% down, said Khare.
“Technically, the bullion market is stabilising after prices slumped to a four-month low last week. Gold and silver showed strong positive movement on Monday early trade and hope it remains,” said a bullion merchant based in Kolkata.