New Delhi Jul 05 :- Gold silver prices today, July 5, 2022: Gold and silver rates opened higher in the key spot markets on Tuesday, July 5, 2022.
The 999 purity gold opened at Rs 52,411 per 10 grams, surging Rs 193 from Monday’s closing price of Rs 52,218, while the 999 purity silver opened at Rs 58,661 per kg, climbing Rs 538 from Rs 58,123, the data available on India Bullion and Jewellers Association’s (IBJA) website showed.
Bullion Purity Opening price (Rs) Previous close (Rs)
Gold 999 52,411 52,218
995 52,201 52,009
916 48,008 47,832
750 39,308 39,164
585 30,660 30,548
Silver 999 58,661 58,123
Source: India Bullion and Jewellers Association (IBJA)
The August delivery gold contract on the Multi Commodity Exchange of India (MCX) was trading at Rs 52,160.00 per 10 grams, up Rs 38.00 (0.07 %) at 01:21 PM, while the silver contract for the September delivery was trading at Rs 58,691.00 per kg, up Rs 203.00 (0.35 %).
To address the current account deficit and surging gold imports, the Centre announced on Friday a rise in the import duty on the yellow metal from 10.75 per cent to 15 per cent. Instead of the previous 7.5 per cent, gold will now be subject to a basic customs duty of 12.5 per cent. Furthermore, when added to the agriculture infrastructure development cess (AIDC) of 2.5 per cent, the actual customs duty on gold will be 15 per cent. However, market experts do not see this decision majorly impacting the demand for the precious metal in the market.
In the global market, gold prices rose marginally on Tuesday, buoyed by economic growth concerns, although an elevated dollar and impending interest rate hikes kept gains in check, news agency Reuters reported.
Spot gold was up 0.1% to $1,810.45 per ounce at 0501 GMT. US gold futures gained 0.6% to $1,812.20, the report said.
Commenting on the bullion prices, Tapan Patel, Senior Analyst (Commodities) at HDFC securities said, “gold prices traded firm on Tuesday with spot gold prices at COMEX were trading 0.21% up near $1811 per ounce in the morning trade. Gold prices have kept steady range after falling below $1800 per ounce last week supported by weaker dollar. However, rate hike expectations has capped upside in the yellow metal despite of inflationary worries and slowdown concerns. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1800 per ounce and resistance at $1830 per ounce. MCX Gold August support lies at Rs. 51900 and resistance at Rs. 52500 per 10 grams.”
