Gold price today 24 August 2021: Yellow metal up by Rs 340/10 gm; check rates in Delhi, Kolkata and Chennai

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After a couple of sluggish sessions, gold and silver prices rose on August 24 with the 24-carat variety opening at Rs 47,646/10 gm,  up by Rs 340 from its previous close. It had closed at Rs 47,306/10 gm on August 23, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). On August 23, the 22-carat gold was trading at Rs 43,644/10 gm, up by Rs 311/10 gm.

“Gold has started trading above its key psychological level of $1,800/oz on Tuesday in early trades on the basis dollar weakness and on the hope that Federal Reserve may take a step back on tapering timeline. Technically, bulls have some near-term advantage above $1,800 level and must form new base around these levels. Market participants will be eyeing upcoming economic symposium which could become the new catalyst for gold to surge. Gold is also finding its major support at 47,000 and silver at 63,000 and trading with short-term bullish technical advantage. The outlook is positive for both precious metals particularly due weak dollar and increasing cases of delta variant globally,” said Sandeep Matta, founder, TRADEIT Investment Advisor.

Silver regains Rs 63,000/kg level

After multiple sessions under Rs 63,000/kg level, the white metal finally came back above Rs 63,000/kg level on Tuesday and that too after almost 8-9 days. This is indeed positive news for the investors.

On August 24, silver was trading at Rs 63,030/kg. It had closed at Rs 62,202/kg on August 23. After a long wait of more than a week silver bounced back in early trades on Tuesday.

“Gold and silver showed a strong up movement in Tuesday trading session, On the Multi-Commodity Exchange (MCX), October gold contracts closed higher by 0.90% at Rs 47,584 for 10 grams. We saw a short covering rally on both gold and silver. It may continue for next few trading sessions, because gold and silver are making bottom, momentum indicator RSI creating a positive divergence in silver in daily as well as four-hourly charts, So traders are advised to create fresh long positions in gold and silver in small dips,” said Amit Khare, AVP, research commodities, Ganganagar Commodities Ltd.

“Gold and silver prices were solidly higher in midday US trading on Monday. The key outside markets were fully favouring the precious metals bulls to start the trading week. Both the precious metals are also getting a bid early this week on growing ideas that the Federal Reserve will not be able to start tightening its monetary policy as soon as many had reckoned just a few weeks ago,” added Khare.