Gold rises Rs 20/10 gms, silver surges Rs 256/kg

TNN Bureau. Updated: 7/27/2022 2:55:50 PM Business and Economy

Prices of gold and silver opened higher in the key spot markets of the country on Wednesday, July 27, 2022.

The 999 purity gold opened at Rs 50,780 per 10 grams, up Rs 20 from Tuesday’s close of Rs 50,760, while the 999 purity silver opened at Rs 54,411 per kg, up Rs 256 from Rs 54,155, data available on India Bullion and Jewellers Association’s (IBJA) website showed.

The gold contract for August delivery on the Multi Commodity Exchange of India (MCX) was trading at Rs 50,570.00 per 10 grams, down Rs 14.00 (0.03 per cent) at 01:04 PM, while the silver contract for September delivery was trading at Rs 54,745.00 per kg, up Rs 30.00 (0.05 per cent) at 01:05 PM.

Geojit Financial Services in their technical report on MCX gold said to expect prices to be choppy, inside Rs 49,500-51,200 levels. Breaking any of the sides would suggest fresh directional moves, the report added.

In the global market, spot gold stood at $1,715.43 per ounce, as of 0517 GMT. US gold futures dipped 0.3 per cent to $1,712.80, Reuters data showed.

Commenting on the bullion prices, Tapan Patel, Senior Analyst (Commodities) at HDFC Securities said, “Gold prices have kept narrow trading range ahead of US FOMC meet despite of weaker dollar. The market has already discounted 75 bps hike in interest rates. The comments from US FED chair over future stance will be crucial for the market. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1,702 and resistance at $1,730 per ounce. MCX Gold August support lies at Rs 50,200 and resistance at Rs 51,000 per 10 grams.”

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