Gold Silver Price Today: Gold and silver costs inch decrease in spot market; futures up

Gold and Silver Rate Today in India: Prices of gold and silver costs opened decrease in Mumbai’s spot market on Monday, October 17.

The opening value for 999 purity gold was Rs 50,315 per 10 grams, down Rs 123 from Friday’s closing value of Rs 50,438, whereas that of 999 purity silver was Rs 55,452 per kg, down Rs 590 from Rs 56,042, the info obtainable on India Bullion and Jewellers Association’s (IBJA) web site confirmed.

Bullion
Purity
Opening value (Rs)
Previous shut (Rs)
Gold
999
50,315
50,438

995
50,114
50,236

916
46,089
46,201

750
37,736
37,829

585
29,434
29,506
Silver
999
55,452
56,042
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 50,525.00 per 10 grams, up Rs 265.00 (0.53 per cent) at 2:54 pm whereas the silver contract for December supply was at Rs 55,967.00, up Rs 741.00 (1.34 per cent).

In the worldwide market, spot gold rose 0.6 per cent to $1,651.76 per ounce, as of 0703 GMT and US gold futures had been up 0.4 per cent at $1,655.30, knowledge by Reuters confirmed.

Commenting on gold futures, Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services mentioned, “Gold prices inched higher but were pinned below key support levels as markets feared more interest rate hikes by the Federal Reserve. A steep fall was witnessed in both gold and silver prices as data showed US inflation will likely take much longer to cool than initially expected. The US CPI data drove up expectations of more inflation-busting rate hikes in the Fed policy meeting in November. There is a ~96 per cent probability of a 75 bps rate hike in Nov meeting, which is a fourth consecutive aggressive hike in this year. The hike will put US interest rates at around 4 per cent, their highest level since late-2007.”

“The pressure on metals was also witnessed amidst a stronger dollar, which stayed within sight of a 20-year peak; while US Treasury yields also traded at their highest levels since the 2008 financial crisis. There are several updates regarding the geo-political tensions, China has also ordered evacuation of all citizens from Ukraine amidst the escalation in the matter, which is supporting bullions. The economic calendar is fairly muted this week with not many important data points from the US although focus will be on the comments from a Fed officials. Broader trend on COMEX could be in the range of $1,640-1,680 and on domestic front prices could hover in the range of Rs 50,400 – 51,200 could be expected,” he added.