Gold price today November 9: Yellow metal trades flat, silver adds Rs 110; check rates in Delhi and Kolkata

After two small yet positive trading sessions, the Indian bullion market remained flat on Tuesday in early deals. All the variants of gold and silver traded flat on November 9. The 24-carat variant of the yellow metal was trading at Rs 48,143/10 gm, from previous day’s price of Rs 48,141/10 gm, as per the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was at Rs 44,099/10 gm. The previous day’s rate was Rs 44,097/10 gm.

“Gold terminated its lower top formation at Rs 48,000 level, resulting in end of the primary downtrend. As of now, the intermediate trend for gold is positive and we are expecting higher prices ahead,” said Manoj Dalmia, founder and director, Proficient Equities Limited.

“The improved US jobs report, strong equity markets and ETF outflows has maintained downward pressure in gold and pushed it to trade in range bound zone. We expect gold to show some upward move this week,” said Ravi Singh, vice president, ShareIndia.

Silver is also flat

Like yellow metal silver is also trading flat in early sessions. The white metal was trading at Rs 64,741/kg on November 9, up by only Rs 110/kg from Monday’s price of Rs 64,631/kg, according to the rate provided by IBJA.

“Gold and silver prices were moderately flat in midday trading session in the US on Monday with gold scoring a two-month high and the bulls gaining momentum. It appears that the metal traders have turned their focus right now,” said Amit Khare, AVP- research commodities, Ganganagar Commodity Limited.

“Gold and silver both showed good buying from bottom on November 8 trading session.  Yesterday we saw some decent buying in bullions at lower levels which might continue for next few trading sessions. As per technical charts both metals are showing strength. Momentum indicator RSI is also indicating the same on daily chart,” he added.