Gold price falls Rs 55/10 grams while silver price falls Rs 344/kg; Here’s what they cost today

The opening price for 999 pure gold was Rs Rs 51,039 per 10 grams, down Rs 55 from Monday’s close of Rs 51,094, while 999 purity silver opened at Rs 60,488 per kg, down Rs 344 from Rs 60,832 as the Data available on the India Bullion and Jewelers Association (IBJA) website showed.

On the Multi Commodity Exchange of India (MCX), the gold contract for August delivery was trading at Rs 50,910.00 per 10 grams, to Rs 261.00 (0.52 %) at 1:53 p.m., while the July silver supply contract for 60,4280.00 per kg, up to Rs 482.00 (0.8 %) at 1:54 p.m.

In the global market, gold prices rose on Tuesday as US Treasury yields weakened, but the lack of any market-moving catalysts kept investors on the sidelines, the news outlet said Reuters reported.

Spot gold was up 0.2% to $1,825.99 an ounce by 0536 GMT. U.S. gold futures were up 0.1% at $1,827.30, the report said.

Commenting on bar prices, Tapan Patel, Senior Analyst (Commodities) at HDFC Securities said: “Gold prices, which were trading firm with spot gold prices on the COMEX, traded 0.28% higher on Tuesday at nearly $1827 an ounce. Gold August futures contract at MCX traded 0.47% higher near Rs 50,889 per 10 grams by midday session. Gold prices have held range bound trading on mixed global signals on slowdown concerns and broader US Federal Reserve rate hike expectations. Weak stock indices and a possible ban on Russian gold have limited the gold price’s downside, while the dollar has remained stable. We expect gold prices to trade sideways and rise throughout the day with COMEX spot gold support at $1,810 and resistance at $1,840 an ounce. MCX Gold August support stands at 50,500 rupees and resistance at 51,200 rupees per 10 grams.”