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Gold Silver Rate Today: Gold and silver charges inch larger in home market on agency world cues

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Today Gold Price, Silver Price Today, 15 November 2022: Prices of gold and silver opened larger in Mumbai’s spot market on Tuesday, November 15 amid optimistic cues within the world market, analysts mentioned.

The opening worth for 999 purity gold was Rs 52,877 per 10 grams, up Rs 447 from Monday’s closing worth of Rs 52,430, whereas that of 999 purity silver was Rs 62,467 per kg, up Rs 844 from Rs 61,583, the information obtainable on India Bullion and Jewellers Association’s (IBJA) web site confirmed.

Bullion
Purity
Opening worth (Rs)
Previous shut (Rs)
Gold
999
52,877
52,430

995
52,665
52,220

916
48,435
48,026

750
39,658
39,323

585
30,933
30,672
Silver
999
62,467
61,583
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 52,964.00 per 10 grams, up Rs 246.00 (0.47 per cent) at 1:59 pm whereas the silver contract for December supply was at Rs 62,795.00, up Rs 325.00 (0.52 per cent).

In the worldwide market, spot gold was up 0.5 per cent at $1,779.94 per ounce, as of 0745 GMT, hitting its highest since August 17. US gold futures gained 0.4 per cent to $1,783.50 per ounce, as per Reuters knowledge.

Commenting on the yellow metallic, Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services, mentioned, “Gold hovered near a three-month high, as a top US central bank official’s comment raised hopes that the Federal Reserve would adopt a less aggressive approach on rate hikes, while a stronger dollar kept gains in check. Dollar index is trading steady, after a slight rebound seen in yesterday’s session, marked around 107 levels, while US 10Y Yields is hovering around its Sep ’22 lows.”

“Comments from Fed officials is triggering volatility in the market, as over the weekend, Fed official Walker mentioned that slowing pace of rate hike should not be taken as a sign of softening. Fed vice chair Brainard mentioned that the Fed has still more work to do, but they will soon likely slow its interest rate hikes. Traders now see an 80 per cent probability of a 50 bps increase at the US central bank’s December meeting, with only a 20 per cent likelihood of a 75 bps rise. After the US, we also witnessed India’s inflation number showing signs of ease off as it was reported at 6.77 per cent v/s 7.41 per cent prev month. Focus today will be on the EU GDP and US PPI data. Broader trend on COMEX could be in the range of $1,740-1,785 and on domestic front prices could hover in the range of Rs 52,300-53,100 could be expected,” he famous.