Gold, silver costs right now: Gold drops Rs 723/10 gms, silver crashes Rs 2,072/kg

Gold silver costs right now, July 6, 2022: The costs of gold and silver opened decrease within the main spot markets on Wednesday, July 6, 2022.

The opening worth for 999 purity gold was Rs 51,581 per 10 grams, taking a drop of Rs 723 from Tuesday’s closing worth of Rs 52,304. Simultaneously, the opening worth for 999 purity silver was Rs 56,081 per kg, dropping Rs 2,072 from the earlier closing worth of Rs 58,153, the info accessible on India Bullion and Jewellers Association’s (IBJA) web site confirmed.

Bullion
Purity
Opening worth (Rs)
Previous shut (Rs)
Gold
999
51,581
52,304

995
51,374
52,095

916
47,248
47,910

750
38,686
39,228

585
30,175
30,598
Silver
999
56,081
58,153
Source: India Bullion and Jewellers Association (IBJA)

On the Multi Commodity Exchange of India (MCX), the gold contract for August supply was buying and selling at Rs 51,400.00 per 10 grams, up Rs 98.00 (0.19 per cent) at 12:39 PM, whereas the silver contract for September supply was buying and selling at Rs 57,015.00 per kg, up Rs 150.00 (0.26 per cent). 

The Centre on Friday introduced a increase within the import tax on the yellow steel from 10.75 per cent to fifteen per cent as a way to resolve the present account deficit and rising gold imports. Gold will now be topic to a baseline customs cost of 12.5 per cent somewhat than the prior 7.5 per cent. The precise customs obligation on gold will likely be 15 per cent when the agriculture infrastructure growth cess (AIDC) of two.5 per cent is added. However, market analysts don’t consider that this determination could have a big impact on the demand for valuable steel within the mid to long run interval.

In the worldwide market, gold hovered close to a contemporary seven-month low on Wednesday, with the greenback perched at a two-decade peak, as traders continued to snub bullion and look to the buck for security amid rising anguish over a worsening world financial outlook, information company Reuters reported.

Spot gold was final up 0.1 per cent at $1,766.54 per ounce at 0623 GMT, after it dipped to $1,762.45, its lowest since mid-December. US gold futures firmed 0.1 per cent to $1,764.60, the report mentioned.

Commenting on the bullion costs, Tapan Patel, Senior Analyst (Commodities) at HDFC securities mentioned, “We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1,750 and resistance at $1,785 per ounce. MCX Gold Aug futures support lies at Rs 50,950 and resistance at Rs 51,600 per 10 grams.”