Gold price today 29 September 2021: Yellow metal trading flat; check rates in Delhi, Mumbai and Kolkata
Gold price today: Rising government bond yields and a stronger dollar index have resulted in a bearish sentiment for the metals markets.
After several sluggish trading sessions, Indian bullion markets were trading flat on September 29 in early sessions. The 24-carat variant of the yellow metal was trading at Rs 46,089/10 gm, down by only Rs 33/10 gm. It had closed at Rs 46,122/10 gm on September 28, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold slipped by Rs 30 and reached Rs 42,218/10 gm on Wednesday. The previous closing price was Rs 42,248/10 gm.
“The precious metal along with equity markets tumbled after the comment of US treasury secretary on not raising the debt ceiling in time. Gold registered double digit fall breaching the key levels of $1,750/oz and seems heading towards $1,700/oz in the near future. Gold outlook is not investment friendly currently. However, we are reaching the price zone where physical buying can be initiated for extended periods while setting aside the price action,”
said Sandeep Matta, founder, TRADEIT Investment Advisor.
“Gold hit a six-week low in overnight trading. Rising government bond yields and a stronger US dollar index early this week are bearish elements for the metals markets. The safe-haven metals bulls are once again frustrated that risk-off attitudes in the marketplace yesterday are not providing price support to their markets,” said Amit Khare, AVP, research commodities, Ganganagar Commodity Limited.
Silver at Rs 59,000/kg zone
On the other hand, silver was trading under Rs 60,000/kg level in the early session on September 29 and reached a record low. Silver was trading at Rs 59,996/kg levels on Wednesday, down by Rs 280/kg from previous close of Rs 60,276/kg on September 28.
“Gold and silver both showed a downside movement on the September 28 trading session in the spot price market and in the Multi-Commodity Exchange (MCX) both. We have seen some bottom buying in gold and silver, which may continue for next few trading sessions. Both metals are trading in oversold zone but momentum indicator indicates that any time we can see a good short covering rally in both metals,” added Khare.
“The Fed Chairman Jerome Powell’s remarks prepared for delivery to the Senate Banking Committee clearly cautioned that the causes of the recent rise in inflation may last longer than anticipated. Powell further added that the central bank would move against unchecked inflation if needed and contributed to the upward pressure on the US bond yields. These factors jointly pushed gold and silver under great pressure,” said Ravi Singh, founder and director, DRS Advisory.