Gold Silver Rate Today(August 12): Gold and silver mixed in spot, futures trade flat

Gold Rate Today, Silver Rate Today: Prices of gold and silver opened on a mixed note in key spot markets of the country on Friday, August 12, 2022.

The opening price for 999 purity gold was Rs 52,481 per 10 grams, up Rs 21 from Thursday’s closing price of Rs 52,460, while that of 999 purity silver was Rs 58,490 per kg, down Rs 210 from Rs 58,700, the data available on India Bullion and Jewellers Association’s (IBJA) website showed.

Bullion Purity Opening price (Rs) Previous close (Rs)
Gold 999 52,481 52,460
995 52,271 52,250
916 48,073 48,053
750 39,361 39,345
585 30,701 30,689
Silver 999 58,490 58,700
Source: India Bullion and Jewellers Association (IBJA)

On the Multi Commodity Exchange of India (MCX), the gold contract for October delivery was trading at Rs 52,318.00 per 10 grams, down Rs 18.00 (0.03 per cent) at 2:51 pm while the silver contract for September delivery was at Rs 58,392.00, up Rs 15.00 (0.03 per cent).

In the international market, spot gold was down 0.1 per cent at $1,787.83 per ounce, as of 0835 GMT. US gold futures fell 0.2 per cent to $1,804.00, according to Reuters data.

Commenting on the gold trade, Tapan Patel, Senior Analyst (Commodities) at HDFC Securities said, “Gold prices traded steady with spot gold prices at COMEX were trading flat near $1,788 per ounce on Friday. Gold October future contract at MCX were trading near Rs. 52364 per 10 grams by noon session. Gold prices are stuck in range over hawkish FED and soft inflation numbers while weaker dollar has capped downside. The US FED hinted aggressive rate hikes despite of ease in inflation. We expect gold prices to trade sideways to up for the day with COMEX spot gold support at $1,770 and resistance at $1,805 per ounce. MCX Gold October support lies at Rs 52,000 and resistance at Rs 52,700 per 10 grams.”

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