Gold Silver Rate Today (August 4): Gold and silver costs climb; right here’s what you pay

Gold, Silver Today Prices, August 4, 2022: Prices of gold and silver opened greater within the nation’s key spot markets on Thursday, August 4, 2022.

The opening value for 999 purity gold was Rs 51,815 per 10 grams, up Rs 249 from Wednesday’s closing value of Rs 51,566, whereas that of 999 purity silver was Rs 57,598 per kg, up Rs 289 from Rs 57,309, the information out there on India Bullion and Jewellers Association’s (IBJA) web site confirmed.

Bullion
Purity
Opening value (Rs)
Previous shut (Rs)
Gold
999
51,815
51,566

995
51,608
51,360

916
47,463
47,235

750
38,861
38,675

585
30,312
30,166
Silver
999
57,598
57,309
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 52,051 per 10 grams, up Rs 662.00 (1.29 per cent) at 3:07 pm whereas the silver contract for September supply was at Rs 58,280.00, up Rs 726.00 (1.26 per cent).

In the worldwide market, spot gold was up 0.3 per cent to $1,769.74 per ounce, as of 0628 GMT. US gold futures rose 0.5 per cent to $1,785.60, Reuters information confirmed.

Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services, in a word defined that gold costs edged greater, amidst uncertainty between China and US over Taiwan and have been additionally buoyed by a pullback of US Treasury yields, whereas buyers awaited the US non-farm payrolls report later this week that might provide extra cues on the Federal Reserve’s price hike plans.

“Fed policymakers signaled that the central bank remains resolute in getting US rates up to a level that will more significantly curb economic activity and put a dent in the highest inflation since the 1980s. Yes, gold appears to have gained some ground in the past few session, although prospect of further increase in interest rate this year capped gains for metal on higher side. Data showed the US services industry unexpectedly picked up in July as new orders grew solidly, while US factory orders also rose in June, gaining 2 per cent after advancing 1.8 per cent in May. Focus today will be on weekly jobless claims data and tomorrow will be on US non farm and unemployment rate. Broader trend on COMEX could be in the range of $1,750-1,790 and on domestic front prices could hover in the range of Rs 51,500- 52,500 could be expected,” he mentioned.