Here is an extensive daily list to give you the most recent information on silver prices in India's key cities.
The COMEX gold price stood at $2,329.60, reflecting an increase of $3.00, or 0.13%. Throughout the trading session, gold reached a high of $2,334.50 and a low of $2,327.20, opening at $2,334.00. This slight upward movement indicates a stable market with modest gains, reflecting investor sentiment and global economic conditions. The narrow range between the high and low prices suggests limited volatility during the session, with traders cautiously optimistic about the precious metal's performance amidst broader economic influences.
Gold prices rebounded on Monday following their steepest drop in three and a half years, prompted by a strong U.S. jobs report and reports of China's central bank halting gold purchases. Despite a stronger dollar and rising U.S. Treasury yields, investors shifted their attention to upcoming U.S. inflation data and the Federal Reserve's interest rate decision. While the Fed is not expected to change its policy rate, the market eagerly awaits the updated economic projections and Fed Chair Jerome Powell's news conference on Wednesday, says Prathamesh Mallya, DVP- Research, Non-Agri Commodities and Currencies, Angel One Ltd
The Nifty index started positively and rose towards the 23400 mark, but lacked follow-up buying, leading to profit booking and ending flat at 23265. A 'Doji' pattern on the daily chart indicates uncertainty and lack of momentum, with prices oscillating within 23200-23400, possibly extending to 23100-23500. The market's undertone remains bullish, suggesting traders may buy on dips and book profits at higher levels. Despite key indices having a lackluster session, mid-cap and small-cap indices hit new highs. Traders should adopt a stock-centric approach, be selective, and watch global cues for further market alignment.
While these data points offer valuable insights into market trends and factors driving price movements to assist investors in navigating the gold market effectively, investors are advised to perform their own due diligence before making any investment decisions.
As the day progresses, we encourage investors to remain vigilant and monitor gold rates closely for any emerging trends or market developments. By staying informed about these daily price fluctuations, investors can identify potential trading opportunities and make well-informed investment decisions.
For daily updates and in-depth analysis of gold rates, continue following our coverage on Business Insider India.
Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. Rates are subject to change from time to time and across multiple geographical locations. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.