PI Global Investments

Gold and silver prices fall; here’s what you pay

Gold Rate Today

Gold Rate Today, Silver Rate Today: Prices of gold and silver opened lower in key spot markets of the country on Friday, August 19, 2022.

The opening price for 999 purity gold was Rs 51,868 per 10 grams, down Rs 213 from Thursday’s closing price of Rs 52,081, while that of 999 purity silver was Rs 56,064 per kg, down Rs 1,036 from Rs 57,100, the data available on India Bullion and Jewellers Association’s (IBJA) website showed.

Bullion Purity Opening price (Rs) Previous close (Rs)
Gold 999 51,868 52,081
995 51,660 51,872
916 47,511 47,706
750 38,901 39,061
585 30,343 30,467
Silver 999 56,064 57,100
Source: India Bullion and Jewellers Association (IBJA)

On the Multi Commodity Exchange of India (MCX), the gold contract for October delivery was trading at Rs 51,490.00 per 10 grams, down Rs 113.00 (0.22 per cent) at 1:48 pm while the silver contract for September delivery was at Rs 55,690.00, down Rs 753.00 (1.33 per cent).

In the global market, Spot gold was down 0.2 per cent at $1,753.97 per ounce, as of 0706 GMT, after falling to its lowest since July 28 at $1,751.01 earlier in the session. US gold futures eased 0.1 per cent to $1,768.90, according to Reuters data.

Commenting on the bullion market, Tapan Patel, Senior Analyst (Commodities) at HDFC Securities said, “Gold prices traded under pressure over stronger dollar which rose above 107 against major currencies. The lack of fresh triggers have also capped upside in gold prices. Gold prices are set to end the week lower as hawkish signals from the US Federal Reserve on the path of US interest rates drove up the dollar. We expect gold prices to trade sideways to down for the day with COMEX spot gold support at $1,740 and resistance at $1,765 per ounce. MCX Gold October support lies at Rs 51,200 and resistance at Rs 51,800 per 10 gram.”

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