Gold Silver Rate Today: Gold and silver costs acquire on optimistic international cues

Gold Silver Price Today in India, November 4, 2022: Prices of gold and silver opened sharply greater in Mumbai’s spot market on Friday, November 4 monitoring optimistic cues within the international market, analysts mentioned.

The opening value for 999 purity gold was Rs 50,513 per 10 grams, up Rs 399 from Thursday’s closing value of Rs 50,114, whereas that of 999 purity silver was Rs 58,610 per kg, up Rs 1,561 from Rs 57,049, the information accessible on India Bullion and Jewellers Association’s (IBJA) web site confirmed.

Bullion
Purity
Opening value (Rs)
Previous shut (Rs)
Gold
999
50,513
50,114

995
50,311
49,913

916
46,270
45,904

750
37,885
37,586

585
29,550
29,317
Silver
999
58,610
57,049
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 50,448.00 per 10 grams, up Rs 264.00 (0.53 per cent) at 1:19 pm whereas the silver contract for December supply was at Rs 58,857.00, up Rs 531.00 (0.91 per cent).

In the worldwide market, spot gold was up 1.1 per cent at $1,647.19 per ounce, as of 0618 GMT whereas US gold futures rose 1.2 per cent to $1,649.90, information from Reuters confirmed.

Speaking to indianexpress.com, Ajay Kedia, founder and director at Kedia Advisory mentioned, “Despite a 75 bps rate hike by Fed gold and silver is trading positive, no doubt there has been a recovery in the Dollar index in the recent sessions but its still below its previous highs..Apart from this there are ongoing geopolitical tensions and although the physical demand has been affected but futures have witnessed an upward momentum.”

He famous that gold costs are anticipated to commerce in a spread of Rs 50,000-51,000 on the MCX whereas silver is anticipated to commerce in a broader vary of Rs 57,000-61,000. Buy on drop needs to be the technique for bullion buyers, Kedia mentioned.

Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services famous, Gold and silver costs posted some good points after yesterday’s fall, amidst a gentle Dollar and as market individuals await US Jobs market information. Fed in its November coverage meet introduced fourth 75 bps price hike for this yr and vowed to “keep at” their battle to beat down inflation. The preliminary response after the Fed’s price hike announcement was optimistic for bullions because the market individuals believed that there may very well be some pause within the tempo. Although, Governor Powell in his feedback later talked about that fascinated about slowing is a bit untimely and likewise pinned the destiny of additional motion on inflation and different financial information factors. Meanwhile, the BOE additionally raised rates of interest by 75 bps, probably the most since 1989.”

He added that on the information entrance, US Service PMI information reported was higher than expectations, however was nonetheless under the 50-mark. After a greater than anticipated US non-public payroll information earlier this week, focus right this moment might be on US nonfarm payroll and unemployment price information which may set off additional volatility out there.

“Broader trend on COMEX could be in the range of $1,610-1,665 and on domestic front, prices could hover in the range of Rs 50,000-50,670,” Damani mentioned.