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Early trade of Thursday, gold rates decline, silver rates rise

Gold silver prices today, July 7, 2022: The price of gold prices opened lower while that of silver inched higher in the key spot markets on Thursday, July 7, 2022.

The 999 purity gold opened at Rs 50,871 per 10 grams, dropping by Rs 427 from Wednesday’s closing price of Rs 51,298, while the 999 purity silver opened at Rs 56,583 per kg, rising Rs 134 from Rs 56,449, the data available on India Bullion and Jewellers Association’s (IBJA) website showed.

Bullion Purity Opening price (Rs) Previous close (Rs)
Gold 999 50,871 51,298
995 50,667 51,093
916 46,598 46,989
750 38,153 38,474
585 29,760 30,009
Silver 999 56,583 56,449
Source: India Bullion and Jewellers Association (IBJA)

The gold contract for August delivery on the Multi Commodity Exchange of India (MCX) was trading at Rs 50,656.00 per 10 grams, up Rs 156.00 (0.31 per cent) at 12:15 PM, while the silver contract for September delivery was trading at Rs 56,930.00 per kg, up Rs 204.00 (0.36 per cent). 

In order to address the current account deficit and rising gold imports, the Centre on Friday raised the import tax on precious metal from 10.75 per cent to 15 per cent. Instead of the previous 7.5 per cent, gold will now attract 12.5 per cent baseline customs duty. This, along with the agriculture infrastructure development cess (AIDC), which is 2.5 per cent, will raise the actual customs duty on gold to 15 per cent. However, market analysts do not think that this will materially alter the demand for the precious metal in the mid to long-term period.

In the global market, gold prices edged up on Thursday from nine-month lows touched in the previous session, after a break in the dollar’s rally alleviated pressure on bullion, but analysts warned that the relief was likely to be temporary, news agency Reuters reported.

Spot gold firmed 0.3 per cent to $1,744.19 per ounce by 0303 GMT, as the dollar dipped slightly from the 20-year highs reached on Wednesday, lending support to greenback-priced bullion. US gold futures rose 0.3 per cent to $1,741.80, the report said.

Commenting on the bullion prices, Tapan Patel, Senior Analyst (Commodities) at HDFC Securities said, “Gold prices pared some previous loses on weaker dollar after falling to 10-month lows. The Fed speculation and dollar movement is dominating bullion prices to trade weak. The US  FED reiterated to home interest rates hinting real danger of high inflation. 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 August support lies at Rs 50,200 and resistance at Rs 51,000 per 10 grams.”

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