Gold rises to Rs 332/10g, Silver rises to Rs 1,004/kg; Here’s what they cost

Gold price today, silver price today: Prices for gold and silver opened significantly higher on the major spot markets on Thursday, July 28, 2022.

The opening price for 999 pure gold was 51,174 rupees per 10 grams, an increase of 332 rupees from Wednesday’s close of 50,842 rupees, while that of 999 pure silver was 55,844 rupees per kg, an increase of 1,004 rupees from 54,840 rupees Conforms to data available on India Bullion and Jewelers Association (IBJA) website.

gold bar purity Opening Price (Rs) Previous Close (Rs)
gold 999 51,174 50,842
995 50,969 50,638
916 46,875 46,571
750 38,381 38.132
585 29,937 29,743
Silver 999 55,844 54,840
Source: India Bullion and Jewelers Association (IBJA)

On the Multi Commodity Exchange of India (MCX), the gold contract for August delivery was trading at Rs 51,210.00 per 10 grams, up Rs 490.00 (0.97 percent) at 1:42 p.m., while the silver contract for September delivery was Rs 56,520.00 to Rs 1,676.00 (3.06 percent).

Spot gold rose 0.6 percent to $1,743.49 an ounce (0711 GMT), the highest since July 13. U.S. gold futures were up 1.1 percent to $1,737.40 Reuters Data.

Speaking on the gold market, Tapan Patel, Senior Analyst (Commodities) at HDFC Securities said, “Gold prices rose after the US Federal Reserve raised interest rates by 75 basis points in line with market expectations. The Fed agreed that economic activity has been slowing and was less hawkish in its comments, which pushed prices higher. The US Federal Reserve remains committed to controlling inflation and is expected to hike interest rates by 200 basis points in the remaining months of 2022. The sharp decline in the dollar index also supported buying of the yellow metal.”

His brokerage pegs place support for COMEX spot gold at $1,720 an ounce and resistance at $1,750. For MCX Gold in August, he noted support at Rs 50,500 per 10 grams and resistance at Rs 51,300.

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