On September 11, gold and silver rates both declined dramatically in Indian markets. On Multi Commodity Exchange, gold futures dipped 0.9% to 51,306 per 10 grams, while silver futures fell 1.5% to 67,970 per kg.
In the previous session, gold had boosted 0.7% while silver had climbed 0.52%. In India, gold and silver prices have struggled for directions after reaching highs of 56,200 and 79,723 last month. Besides, in recent days they have traded in a very narrow range.
The yellow metal prices decreased today after posting a strong gain in the earlier session in global markets. The U.S. dollar rebounded from a decline against the euro in the earlier session. However, concerns over the global economic rebound keep losses of gold-capped. Spot gold decreased by 0.3% and settled at $1,947.41 per unce after increasing to $1,965.95 in the earlier session.
Moreover, silver decreased by 0.3% to $26.84 per ounce, platinum dipped 0.1% to $925.59, while palladium dropped 0.4% to $2,283.72.
Another significant thing to mention is that a stronger U.S. dollar makes gold more valuable for holders of other currencies. On Thursday, The European Central Bank remained policy intact.
On September 10, Kodak Securities reported that the yellow metal benefitted from some pick up in investor buying. Gold holding with SPDR increased by 2.92 tonnes to 1251.96 tonnes, the first gain since August 26.
The Brokerage also said that gold might see choppy trade as the equity market and USD struggle for clear direction.
Christine Lagarde, European Central Bank President, noted that while the ECB observes the exchange rate, it is not a monetary policy tool.
Oil and base metals
On September 11, base metals were trading with a mixed bias. On LME (London Metal Exchange), Aluminium rose 0.11% at $1,781 while Copper was flat at $6,630. Zinc increased by 0.29% at $2,405 and Lead boosted 0.11% at $1,876.
MCX Copper price stayed in a range as it failed to give a decisive move on either side. The hourly RSI is in the negative crossover. On the lower end, support seen, and on the higher end, resistant seen at 514 and 524, respectively.
On September 11, oil prices stay weak on increasing supplies. West Texas Intermediate (WTI) crude oil decreased by 0.19% at $37.23 while Brent crude dropped 0.37% at $39.91.
MCX Crude oil price stayed in a range on the hourly chart. The hourly RSI is in the negative crossover. The bias is expected to remains sideward to negative. On the lower end, support on and on the higher end, resistance seen at 2,700/2,650 and 2,850, respectively.