This is an archive article published on November 1, 2022
Gold Silver Rate Today: Gold opens a tad lower in spot, silver rallies
Gold Rate Today, Silver Rate Today, November 1st, 2022: Pure gold 999 opened at Rs 50,462 per 10 grams, down Rs 18 from Monday’s closing price of Rs 50,480, while that of 999 purity silver was Rs 58,200 per kg, surging Rs 850 from Rs 57,350. Read below to find out bullion prices.
Gold and Silver Rate Today (1st November 2022): Customers check ornaments at a jewellery showroom during Dhanteras, a Hindu festival associated with Lakshmi, the goddess of wealth, in Mumbai, India November 2, 2021. (REUTERS/File Photo)
Gold Silver Price Today in India, November 1, 2022: Prices of gold opened a tad lower while silver opened higher in Mumbai’s spot market on Tuesday, November 1.
The opening price for 999 purity gold was Rs 50,462 per 10 grams, down Rs 18 from Monday’s closing price of Rs 50,480, while that of 999 purity silver was Rs 58,200 per kg, up Rs 850 from Rs 57,350, the data available on India Bullion and Jewellers Association’s (IBJA) website showed.
However, on the Multi Commodity Exchange of India (MCX), the gold contract for December delivery was trading at Rs 50,417.00 per 10 grams, up Rs 95.00 (0.19 per cent) at 1:13 pm while the silver contract for December delivery was at Rs 58,761.00, up Rs 1,083.00 (1.88 per cent).
Bullion
Purity
Opening price (Rs)
Previous close (Rs)
Gold
999
50,462
50,480
995
50,260
50,278
916
46,223
46,240
750
37,847
37,860
585
29,520
29,531
Silver
999
58,200
57,350
Source: India Bullion and Jewellers Association (IBJA)
In the global market, spot gold was up 0.5 per cent at $1,641.43 per ounce, as of 0548 GMT. US gold futures rose 0.1 per cent at $1,642.20, Reuters data showed.
Commenting on the gold prices, Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services said, “Gold prices inched higher, after touching their lowest levels in more than one week, as the dollar held firm ahead of the US Federal Reserve’s policy meeting, where the central bank is likely to deliver another oversized interest rate hike. US Federal Reserve is expected to continue to their fight against inflation this week, even as they intensify a debate over when to downshift to smaller interest rate hikes so as to avoid sending the world’s biggest economy into a tailspin. The US Fed is expected to raise rates by 75 bps for a fourth straight time in the November meeting, bringing the target overnight lending rate to a 3.75 per cent-4 per cent range.”
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He added, “Euro zone inflation surged more than expected in October, fuelling expectations that the European Central Bank could continue to carry on with big interest rate hikes despite economic growth slowing. All eyes will be on the Fed policy meet and comments from Fed governor regarding further pace and overall outlook of economy. Focus today will also be on the Manufacturing PMI data expected from major economies. Broader trend on COMEX could be in the range of $1,615-1,665 and on domestic front prices could hover in the range of Rs 49,800-50,900 could be expected.”
Gold and Silver Rate Today (1st November 2022): Customers check ornaments at a jewellery showroom during Dhanteras, a Hindu festival associated with Lakshmi, the goddess of wealth, in Mumbai, India November 2, 2021. (REUTERS/File Photo) 
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