Gold price today 30 August 2021: Yellow metal trading flat; check rates in Delhi, Mumbai, Chennai and Kolkata
Federal Reserve Chair Jerome Powell's cautious stand has made an impact on the Indian bullion market, feel experts.
After a rise on August 27, gold was almost trading flat in early session on August 30. The 24-carat variant of yellow metal was trading at Rs 47,547/10 gm on August 30, down by only Rs 71 from the previous close Rs 47,618/10 gm, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was also down by Rs 65 and reached Rs 43,553/10 gm. The previous close on August 27 was Rs 43,618/10 gm.
“The precious metal registered immediate gain and breakout above $1,800/oz after Fed chairman Jerome Powell sounded more cautious than other Fed officials on tapering, mentioning that the central bank could start reducing its $120 billion in monthly bond purchases this year. Powell’s comments created some selling in US dollar which has been positive for gold,” said Sandeep Matta, founder, TRADEIT Investment Advisor.
“Gold prices were slightly higher in midday US trading on some safe-haven demand and bulls taking advantage of the earlier dip in prices to do some bargain hunting. But no such trend was witnessed in the Indian market at least in the early session,” said Amit Khare, AVP, research commodities, Ganganagar Commodities Ltd.
Silver in positive zone
On August 30, the price of the white metal was up by Rs 238/kg to Rs reach 63,610/kg. Silver traded at Rs 63,372/kg on August 27, according to data provided by IBJA.
“Silver prices are a bit higher on Monday early session. September silver was last up $0.053 at $24.076 an ounce. Fed Chair Jerome Powell announced on Friday that US Fed will keep the momentum steady would hit the Fed’s inflation targets. Gold and silver showed a strong upward movement in Friday trading session, and also kept that momentum in the early session on Monday. Gold and silver are showing strength in daily charts. Any dips are an opportunity to create fresh long positions in bullion. Fundamentals are also in support of bullion, so traders are advised to create fresh buy positions in gold and silver near given support levels,” added Khare.