Gold and silver prices inch higher in spot market; futures dip

Gold Silver Today: Prices of gold and silver prices opened a tad higher in Mumbai’s spot market on Tuesday, August 30, 2022.

The opening price for 999 purity gold was Rs 51,325 per 10 grams, up Rs 60 from Monday’s closing price of Rs 51,265, while that of 999 purity silver was Rs 54,365 per kg, up Rs 49 from Rs 54,316, the data available on India Bullion and Jewelers Association’s (IBJA) website shown.

Bullion Purity Opening price (Rs) Previous close (Rs)
Gold 999 51,325 51,265
995 51,120 51,060
916 47,014 46,959
750 38,494 38,449
585 30,025 29,990
Silver 999 54,365 54,316
Source: India Bullion and Jewelers Association (IBJA)

On the Multi Commodity Exchange of India (MCX), the gold contract for October delivery was trading at Rs 50,960.00 per 10 grams, down Rs 290.00 (0.57 per cent) at 1:47 pm while the silver contract for September delivery was at Rs 54,120.00 , down Rs 209.00 (0.38 per cent).

In the global market, spot gold was down 0.3 per cent at $1,732.10 per ounce, as of 0736 GMT, having hit a one-month low of $1,719.56 in the previous session. US gold futures were also down 0.3 per cent at $1,744.10.

Commenting on the gold market, Tapan Patel, Senior Analyst (Commodities) at HDFC Securities said, “We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1,720 and resistance at $1,760 per ounce. MCX Gold October support lies at Rs 50,900 and resistance at Rs 51,500 per 10 grams.”

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