Gold Silver Price Today: Bullion rises in home market on agency world cues

Gold Silver: Prices of gold and silver costs opened larger in Mumbai’s spot market on Friday, September 2, 2022 taking cues from agency world costs, analysts mentioned.

The opening worth for 999 purity gold was Rs 50,470 per 10 grams, up Rs 61 from Thursday’s closing worth of Rs 50,409, whereas that of 999 purity silver was Rs 52,382 per kg, up Rs 360 from Rs 52,022, the info out there on India Bullion and Jewellers Association’s (IBJA) web site confirmed.

Bullion
Purity
Opening worth (Rs)
Previous shut (Rs)
Gold
999
50,470
50,409

995
50,268
50,207

916
46,230
46,175

750
37,852
37,807

585
29,525
29,489
Silver
999
52,382
52,022
Source: India Bullion and Jewellers Association (IBJA)

On the Multi Commodity Exchange of India (MCX), the gold contract for October supply was buying and selling at Rs 50,252.00 per 10 grams, up Rs 182.00 (0.36 per cent) at 2:47 pm whereas the silver contract for December supply was at Rs 54,873.00, up Rs 271.00 (0.38 per cent).

In the worldwide market, spot gold rose 0.5 per cent to $1,704.90 per ounce by 0926 GMT. US gold futures had been up 0.4 per cent at $1,716.30, knowledge by Reuters confirmed.

Commenting on the gold market, Tapan Patel, Senior Analyst (Commodities) at HDFC Securities mentioned, “Gold prices held firm on softer dollar while gold prices fell below $1,700 per ounce with dollar index extending the bull-run towards new high. The market players are awaiting key US non-farm payroll data in the evening session. We expect gold prices to trade sideways to up for the day with COMEX spot gold support at $1,680 and resistance at $1,720 per ounce. MCX Gold October support lies at Rs 49,900 and resistance at Rs 50,600 per 10 grams.”