Gold, Silver Prices Edge Higher; Gold Rises 0.4%

Spot gold rose 0.1 per cent to $1,778.26 per ounce.

Gold, Silver Price Today: Gold and silver prices edged higher in domestic markets. Gold futures for delivery in August rose as much as 0.43 per cent or 198 points to Rs 47,237 per 10 grams. In spot market, fine gold with purity of 24 carats was priced at Rs 47,260, India Bullion & Jewellers Association said on microblogging site Twitter. 22 carat gold was retailed at Rs 45,660, gold with 18 carat purity was priced at Rs 37,810 and 14 carat gold was retailed at Rs 31,430, according to IBJA.

“COMEX gold trades marginally higher near $1778/oz after a 0.3 per cent gain yesterday. Gold has recovered from recent lows amid dip buying, renewed virus concerns and mixed economic data from major economies. However, weighing on price is firmness in the US dollar amid Fed’s monetary tightening expectations, strength in equity markets and lack of investor buying. Gold has edged up amid some buying interest at start of new quarter and renewed virus concerns however general bias remains weak owing to Fed’s tightening outlook. US Jobs report will be the focus for the day that might further provide direction to US Dollar and in turn Gold,” Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities, said in a statement.

In international markets, Gold prices inched up on Friday, on concerns over the spread of Delta variant of the novel coronavirus, while investors awaited U.S. non-farm payrolls data that could influence the timeline of the Federal Reserve’s monetary policy shift.

Spot gold rose 0.1 per cent to $1,778.26 per ounce, by 8:35 am. It has fallen 0.1 per cent so far this week. U.S. gold futures added 0.1 per cent to $1,778.50.

The highly contagious Delta variant has made countries in Asia and Europe walk back on reopening plans, while White House said it would send out special teams to hot spots around the country to combat the contagion.

Back home, silver was also witnessing buying interest as silver futures, for delivery on July 5, on Multi Commodity Exchange (MCX) rose as much as 0.43 per cent to hit an intraday high of Rs 68,449 per kilogram. In spot market, silver was priced at Rs 69,160 per kilogram, according to IBJA.