Gold Silver Price Today: Gold and silver costs inch greater in home market on weak rupee, regular in world market

Gold and Silver Rate Today in India: Prices of gold and silver costs opened greater in the important thing spot markets on Friday, October 7, amid weak spot within the rupee, analysts stated.

The opening value for 999 purity gold was Rs 51,908 per 10 grams, up Rs 70 from Thursday’s closing value of Rs 51,838, whereas that of 999 purity silver was Rs 61,154 per kg, up Rs 484 from Rs 60,670, the information obtainable on India Bullion and Jewellers Association’s (IBJA) web site confirmed.

Bullion
Purity
Opening value (Rs)
Previous shut (Rs)
Gold
999
51,908
51,838

995
51,700
51,630

916
47,548
47,484

750
38,931
38,879

585
30,366
30,325
Silver
999
61,154
60,670
Source: India Bullion and Jewellers Association (IBJA)

On the Multi Commodity Exchange of India (MCX), the gold contract for December supply was buying and selling at Rs 52,022.00 per 10 grams, up Rs 50.00 (0.1 per cent) at 1:58 pm whereas the silver contract for December supply was at Rs 61,713.00, up Rs 367.00 (0.6 per cent).

In the worldwide market, spot gold was little modified at $1,710.09 per ounce, as of 0651 GMT and US gold futures eased 0.2 per cent at $1,716.90, in response to Reuters information.

Speaking to indianexpress.com, Ajay Kedia, founder and director at Kedia Advisory stated, “Gold prices are finding support in the domestic market due to weakness in the rupee which is trading near a record low, but internationally, gold and silver prices are trading in sideways to negative today as investors are keenly waiting for the US jobs data to understand the US Federal Reserve’s rate hike plans in the near term.”

Additionally, Kedia famous that some world gold-supplying banks have reduce shipments to India in favour of specializing in China and Turkey the place higher premiums are supplied. He stated that such a transfer forward of main festivals like Diwali when demand is greater within the home market might result in an increase in native costs.

Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services stated, “Gold prices held steady ahead of the US jobs report that could help investors gauge the Fed’s rate-hike path, and were headed for their biggest weekly gain since March. The dollar index and benchmark US 10-year Treasury yields were steady after rising overnight.”

“Investors are now focused on the US nonfarm payrolls (NFP) report due later in the day, with economists forecasting 250,000 jobs to have been added last month, compared with 315,000 in August. Along with NFP, focus will also be on the US unemployment rate, average hourly earnings and other jobs market data will be important to watch for. Broader trend on COMEX could be in the range of $1,700-1,730 and on domestic front prices could hover in the range of Rs 51,480–52,350,” he famous.