On Monday, July 31, there was less demand, which resulted in lower gold prices on the spot market. 22-carat gold was priced at Rs 55,400 per 10 kilos in Delhi, while 24-carat gold was priced at Rs 60,430 per 10 grams. Silver cost the same per kilogram at Rs 77,000.
Silver was flat at Rs 77,000 per kg in Mumbai, while 22- and 24-carat gold varieties were selling for Rs 55,250 and Rs 60,280 per 10 grams, respectively. Silver was down by 0.24% to Rs 73,883 per kg for September 5 contracts, while gold was down 0.2% to Rs 59,655 per 10 grams for October 5 deliveries in the MCX futures market.
Gold and silver prices
Silver was down 0.35 percent to $24.32 an ounce in New York while gold was down 0.28 percent to $1,955 an ounce on the international market.
Following a recovery in the dollar and treasury yields on better-than-expected data from the US, COMEX gold prices closed with minor losses, according to Ravindra V Rao, vice president and head (commodity research) at Kotak Securities Ltd.
- Low demand leads to lower gold and silver prices.
- Silver is down 0.35 percent in New York; gold is down 0.28 percent.
- US GDP expands 2.4% Q2, raising rate hike likelihood.
The US GDP expanded by 2.4% in the second quarter, which was far more than the 1.8% market consensus. The likelihood of a rate hike in September increased due to the robust US economy and high price pressures, raising the opportunity cost of keeping non-interest-bearing precious metals.
This week will be dominated by US labor statistics and ISM PMIs, and the Bank of England’s monetary policy meeting and final PMIs from other significant nations will heighten the uncertainty.
The vice president (commodities) of Mehta Equities, Rahul Kalantri, anticipates that the price of gold and silver will remain erratic today. Support levels for gold are $1946-1934, silver is $24.14-23.98, and gold and silver are, respectively, at Rs. 59,150, 58,980, and Rs. 73,880-73,220.
