Gold price today September 28: Gold and silver both trading flat, check rates in Kolkata, Delhi and Mumbai

The Indian bullion market was almost flat on Tuesday in early sessions and there was no sign of recovery in the immediate future. The 24-carat variant of the yellow metal was trading at Rs 46,122/10 gm, down by only Rs 156/10 gm. It had closed at Rs 46,278/10 gm on September 27, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was down by Rs 143/10 gm and reached Rs 42,248/10 gm on Tuesday. The previous closing price was Rs 42,370/10 gm.

“Gold prices remained mostly flat with some early signs of short covering on Tuesday by traders. However, the near-term trend is still bearish. The Federal Reserve will continue to remain in focus which has contained any big move in the precious metal due to its updated commentating on tapering,” said Sandeep Matta, founder, TRADEIT Investment Advisor.

“Gold prices were near steady in midday US trading on Monday. Some mild short-covering by futures traders and mild safe-haven buying ahead of key US government spending events that occured later this week are being offset by gold’s bearish near-term technical posture,” said Amit Khare, AVP- research commodities, Ganganagar Commodity Limited.

“Gold prices are in pressure due to bond yields which are trading at three months higher and robust rupee-dollar conversion. Gold on MCX has also closed mostly unchanged and expected to remain rangebound until it crosses and sustains above $1,791/oz in the US market,” added Matta further.

On the other hand, due to low demand silver remained flat in the early sessions on Tuesday. The white metal was exceptionally flat in today’s early trade and remained at Rs 60,000/kg levels. Silver was trading at Rs 60,276/kg levels on Tuesday, slightly up by Rs 43/kg from previous close of Rs 62,233/kg on September 27.

“Gold and silver showed a very narrow positive movement on September 27 trading session and remain fat on September 28. On the Multi-Commodity Exchange (MCX) bullion also witnessed the same trend. Yesterday we have seen some short covering rally in gold and silver at bottom levels, which may continue for the next few trading sessions as of now,” Khare told Money9.

But Amit Khare has confirmed that irrespective of this trend both metals are trading at oversold zone and momentum indicator RSI also indicated the same and created a strong positive divergence in four-hourly as well as daily charts.