Gold, silver costs at the moment: Gold descends Rs 222/10 gms, silver drops Rs 209/kg

Gold silver costs at the moment, July 13, 2022: Gold and Silver costs opened decrease within the main spot markets of the nation on Wednesday, July 13, 2022.

The 999 purity gold opened at Rs 50,656 per 10 grams, taking a drop of Rs 222 from Tuesday’s closing worth of Rs 50,878, whereas the 999 purity silver opened at Rs 55,888 per kg, dropping Rs 209 from the earlier shut of Rs 56,097,  knowledge accessible on India Bullion and Jewellers Association’s (IBJA) web site confirmed.

Bullion
Purity
Opening worth (Rs)
Previous shut (Rs)
Gold
999
50,656
50,878

995
50,453
50,674

916
46,401
46,604

750
37,992
38,159

585
29,634
29,764
Silver
999
55,888
56,097
Source: India Bullion and Jewellers Association (IBJA)

The gold contract for August supply was buying and selling at Rs 50,531.00 per 10 grams, up Rs 74.00 (0.15 per cent), on the Multi Commodity Exchange of India at 12:14 PM, whereas the silver contract for September supply was buying and selling at Rs 56,504.00 per kg, up Rs 38.00 (0.07 per cent) on the identical time. 

Geojit Financial Services of their technical report on the MCX August gold contract stated {that a} uneven buying and selling session is on playing cards for the day, nevertheless, a direct drop beneath Rs 50,200 would set off main liquidation strain.

In an effort to regulate the present account deficit and rising gold imports, the Centre raised the import responsibility on gold from 10.75 per cent to fifteen per cent, earlier this month. The normal customs responsibility price for gold has raised from the earlier 7.5 per cent to 12.5 per cent. In mixture with the agriculture infrastructure improvement cess (AIDC), which is 2.5 per cent, will elevate the precise customs responsibility on gold to fifteen per cent. However, market analysts don’t see this considerably impacting the demand for the valuable metallic within the mid to long-term interval.

In the worldwide market, spot gold was regular at $1,725.83 per ounce at 0543 GMT, after dropping to its lowest since late-September at $1,722.30 earlier within the session. US gold futures dipped 0.2% to $1,722.00, in accordance with Reuters knowledge.

Commenting on the bullion costs, Tapan Patel,  Senior Analyst (Commodities) at HDFC securities stated, “Gold prices traded steady on Wednesday with spot gold prices at COMEX were trading near $1728 per ounce in the morning trade. Gold prices continued to be hammered by stronger dollar which rose to the highest level since October 2002. The market players are awaiting for US inflation data today which may gauge FRD stance over rate hike. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1710 and resistance at $1740 per ounce. MCX Gold August support lies at Rs. 50,100 and resistance at Rs. 50,800 per 10 grams.”