Gold Silver Rate Today (August 4): Gold and silver prices climb; here’s what you pay

The opening price for 999 purity gold was Rs 51,815 per 10 grams, up Rs 249 from Wednesday’s closing price of Rs 51,566, while that of 999 purity silver was Rs 57,598 per kg, up Rs 289 from Rs 57,309, the data available on India Bullion and Jewellers Association’s (IBJA) website showed.

On the Multi Commodity Exchange of India (MCX), the gold contract for October delivery was trading at Rs 52,051 per 10 grams, up Rs 662.00 (1.29 per cent) at 3:07 pm while the silver contract for September delivery was at Rs 58,280.00, up Rs 726.00 (1.26 per cent).

In the international market, spot gold was up 0.3 per cent to $1,769.74 per ounce, as of 0628 GMT. US gold futures rose 0.5 per cent to $1,785.60, Reuters data showed.

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Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services, in a note explained that gold prices edged higher, amidst uncertainty between China and US over Taiwan and were also buoyed by a pullback of US Treasury yields, while investors awaited the US non-farm payrolls report later this week that could offer more cues on the Federal Reserve’s rate hike plans.

“Fed policymakers signaled that the central bank remains resolute in getting US rates up to a level that will more significantly curb economic activity and put a dent in the highest inflation since the 1980s. Yes, gold appears to have gained some ground in the past few session, although prospect of further increase in interest rate this year capped gains for metal on higher side. Data showed the US services industry unexpectedly picked up in July as new orders grew solidly, while US factory orders also rose in June, gaining 2 per cent after advancing 1.8 per cent in May. Focus today will be on weekly jobless claims data and tomorrow will be on US non farm and unemployment rate. Broader trend on COMEX could be in the range of $1,750-1,790 and on domestic front prices could hover in the range of Rs 51,500- 52,500 could be expected,” he said.