This makes gold less attractive as it doesn t yield interest," Neha Qureshi, Senior Technical & Derivative Analyst at Anand Rathi Commodities & Currencies said.
Gold futures are down 2% or Rs 1,193 on the month-to-date basis while up 6.10% or Rs 3,358 on the year-to-date basis, Anuj Gupta, Head Commodity & Currency at HDFC Securities told ETMarkets. As for Silver futures, the declines are to the tune of 6.88% or Rs 5,192 in August while the gains this year stand at 1.18% or Rs 822, he said.
"Bullion daily charts are trading at the demand zone, with good upside movement seen in the near term. The momentum indicator RSI also indicates the same so traders are advised to make fresh buy positions in Gold and Silver near the given support level with a stop loss of at the support. Investors should book profit near the given resistance levels," Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.
For the day s trade, Amit Khare, Associate Vice President at Ganganagar Commodity Limited (GCL) Broking finds bullions daily charts to be attractive and expects an upside movement in the near term.
Gold and silver futures ended with gains in the previous session. While gold was up 0.62%, silver futures gained 0.40%. On the Comex, Gold futures were trading at $1,956 per troy ounce, down $4.40 or 0.22% while Silver futures were trading at $24.455, down $0.040 or 0.160%.