Gold Silver Rate Today(28 July): Gold surges Rs 332/10 gm, silver rallies Rs 1,004/kg

Gold Rate Today, Silver Rate Today: Prices of gold and silver opened sharply greater in the important thing spot markets on Thursday, July 28, 2022.

The opening worth for 999 purity gold was Rs 51,174 per 10 grams, rising Rs 332 from Wednesday’s closing worth of Rs 50,842, whereas that of 999 purity silver was Rs 55,844 per kg, surging Rs 1,004 from Rs 54,840, the info accessible on India Bullion and Jewellers Association’s (IBJA) web site confirmed.

Bullion
Purity
Opening worth (Rs)
Previous shut (Rs)
Gold
999
51,174
50,842

995
50,969
50,638

916
46,875
46,571

750
38,381
38,132

585
29,937
29,743
Silver
999
55,844
54,840
Source: India Bullion and Jewellers Association (IBJA)

On the Multi Commodity Exchange of India (MCX), the gold contract for August supply was buying and selling at Rs 51,210.00 per 10 grams, up Rs 490.00 (0.97 per cent) at 1:42 pm whereas the silver contract for September supply was at Rs 56,520.00, up Rs 1,676.00 (3.06 per cent).

Spot gold was up 0.6 per cent at $1,743.49 per ounce, as of 0711 GMT, its highest since July 13. US gold futures rose 1.1 per cent to $1,737.40, in accordance with Reuters information.

Commenting on the gold market, Tapan Patel, Senior Analyst (Commodities) at HDFC Securities stated, “Gold prices rallied after US Fed hiked key interest rates by 75 bps in line with market expectations. The Fed agreed that economic activities have slowed down and was less hawkish in their comments which drove prices to high. The US Fed is still committed to control inflation and is expected to raise interest rates by 200 bps in the remaining months of 2022. The sharp fall in dollar index also supported buying in the yellow metal.”

His brokerage pegs assist for COMEX Spot gold at $1,720 per ounce and resistance at $1,750. For MCX August gold, he famous the assist at Rs 50,500 per 10 grams and resistance at Rs 51,300.