Gold Silver prices today, July 8, 2022: The gold and silver rates opened lower in the key spot markets on Friday, July 8, 2022.
The opening price for 999 purity gold was Rs 50,877 per 10 grams, marginally dropping by Rs 6 from Thursday’s closing price of Rs 50,883. Simultaneously, the opening price for 999 purity silver was Rs 56,626 per kg, falling Rs 255 from Rs 56,881, data available on India Bullion and Jewellers Association’s (IBJA) website showed.
| Bullion | Purity | Opening price (Rs) | Previous close (Rs) |
| Gold | 999 | 50,877 | 50,883 |
| 995 | 50,673 | 50,679 | |
| 916 | 46,603 | 46,609 | |
| 750 | 38,158 | 38,162 | |
| 585 | 29,763 | 29,767 | |
| Silver | 999 | 56,626 | 56,881 |
| Source: India Bullion and Jewellers Association (IBJA) | |||
On the Multi Commodity Exchange of India (MCX), the gold contract for August delivery was trading at Rs 50,710.00 per 10 grams, up Rs 89.00 (0.18 per cent) at 12:20 PM, while the silver contract for September delivery was trading at Rs 56,904.00 per kg, down Rs 35.00 (0.06 per cent).
Geojit Financial Services in their technical report on the MCX August gold contract said to expect mild negative bias initially. “It required to break above Rs 51,200 for recovery upticks. Consistent trades below Rs 50,200 is a sign of major liquidation,” the report added.
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The brokerage pegs support at Rs 50,512.00, while it sees resistance around Rs 50,780.00.
The Centre increased the import duty on gold from 10.75 per cent to 15 per cent last week, in an effort to manage the current account deficit and growing gold imports. The baseline customs duty rate for gold has increased to 12.5 per cent from the previous 7.5 per cent . This will bring the actual customs duty on gold to 15 per cent coupled with the agriculture infrastructure development cess (AIDC), which is 2.5 per cent. According to market analysts, however, this won’t significantly impact the demand for the precious metal in the mid to long term period.
In the international market, gold was marginally up on Friday on a dip in US Treasury yields, but an elevated dollar set prices up for their biggest weekly drop in eight by dampening bullion’s demand, news agency Reuters reported.
Spot gold firmed 0.2 per cent to $1,744.07 per ounce by 0323 GMT. US gold futures rose 0.1 per cent to $1,740.50. Benchmark US 10-year Treasury yields edged lower, after gains in the previous two sessions, buoying non-yielding gold, the report said.