Gold Silver Rate Today(August 3): Gold and silver costs decline in spot markets; right here’s what you pay

Gold Rate Today, Silver Rate Today: Gold and silver costs opened decrease in the important thing spot markets on Wednesday, August 3, 2022.

The opening value for 999 purity gold was Rs 51,486 per 10 grams, down Rs 63 from Tuesday’s closing value of Rs 51,549, whereas that of 999 purity silver was Rs 57,057 per kg, down Rs 847 from Rs 57,904, the information accessible on India Bullion and Jewellers Association’s (IBJA) web site confirmed.

Bullion
Purity
Opening value (Rs)
Previous shut (Rs)
Gold
999
51,486
51,549

995
51,280
51,343

916
47,161
47,219

750
38,615
38,662

585
30,119
30,156
Silver
999
57,057
57,904
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 51,429 per 10 grams, up Rs 47.00 (0.09 per cent) at 2:42 pm whereas the silver contract for September supply was at Rs 57,300.00, down Rs 286.00 (0.5 per cent).

In the worldwide market, spot gold rose 0.3 per cent to $1,765.68 per ounce by 0839 GMT. On Tuesday, bullion rose to its highest since July 5, hitting $1,787.79 earlier than closing down 0.6 per cent on the day to interrupt a four-session successful streak. US gold futures fell 0.4 per cent to $1,782.90, Reuters information confirmed.

Commenting on the dear metallic, Tapan Patel, Senior Analyst (Commodities) at HDFC Securities mentioned, “Gold prices pared some gains on dollar recovery and rise in US bond yields as some Fed officials signalled steeper rate hikes in coming months. The 10 year US Treasury yields rose to 2.74 per cent while dollar index was above 106 lowering demand for the yellow metal. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1,750 and resistance at $1,785 per ounce. MCX Gold October support lies at Rs 51,100 and resistance at Rs 51,700 per 10 grams.”