Updated: July 4, 2022 1:54:53 pm
Gold Silver prices today, July 04, 2022: Prices of gold and silver opened higher in the major spot markets on Monday, July 4, 2022.
The opening price for the 999 purity gold was Rs 52,339 per 10 grams, rising Rs 548 from Friday’s closing price of Rs 51,791, while that for 999 purity silver was Rs 58,013 per kg, up Rs 240 from Rs 57,773, the data available on India Bullion and Jewellers Association’s (IBJA) website showed.
|Bullion||Purity||Opening price (Rs)||Previous close (Rs)|
|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 52,143.00 per 10 grams, up Rs 226.00 (0.44 per cent) at 01:00 PM, while the silver contract for September delivery was trading at Rs 58,330.00 per kg, up Rs 155.00 (0.27 per cent) 01:01 PM.
On Friday, the Centre announced a hike in import duty of the yellow metal from 10.75 per cent to 15 per cent, in order to address the current account deficit and rising gold imports. Gold will now be subject to a basic customs charge of 12.5 per cent instead of the previous 7.5 per cent. The actual customs duty on gold will be 15 per cent when combined with the agriculture infrastructure development cess (AIDC) of 2.5 per cent. However, market experts do not see this decision majorly impacting the demand for the precious metal in the market.
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In the international market, gold inched higher in choppy trade on Monday, as weakness in Treasury yields kept prices above the $1,800 mark and marginally outweighed pressure stemming from an elevated US dollar, news agency Reuters reported.
Spot gold was up 0.1 per cent at $1,811.76 per ounce, as of 0544 GMT. US gold futures rose 0.7 per cent to $1,813.70, the report said.
Commenting on the bullion prices, Tapan Patel, Senior Analyst (Commodities) at HDFC Securities said, “Gold prices fell after India hiked import duty with immediate effect while rate hike expectations were already in play to pressure the yellow metal. The US market are closed today on account of “Independence day”. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1,790 and resistance at $1,820 per ounce. MCX Gold August support lies at Rs 51,600 and resistance at Rs 52,100 per 10 grams.”
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