Gold and silver prices dip; here’s what they cost

The opening price for 999 purity gold was Rs 51,908 per 10 grams, down Rs 186 from Thursday’s closing price of Rs 52,094, while that of 999 purity silver was Rs 55,697 per kg, down Rs 186 from Rs 55,883, the data available on India Bullion and Jewellers Association’s (IBJA) website showed.

On the Multi Commodity Exchange of India (MCX), the gold contract for October delivery was trading at Rs 51,514.00 per 10 grams, down Rs 188.00 (0.36 per cent) at 2:25 pm while the silver contract for September delivery was at Rs 55,380.00, down Rs 9.00 (0.02 per cent).

In the global market, spot gold fell 0.4 per cent to $1,751.87 per ounce by 0858 GMT. US gold futures was 0.4 per cent lower at $1,763.90.

Commenting on the gold market, Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services said, “Gold trade steady after inching higher in the yesterday’s session, amidst fall in dollar index, while investors awaited the Jackson Hole symposium for cues on the Federal Reserve’s monetary policy. Focus will be on US Federal Reserve Chair Jerome Powell’s speech at the central banks’ conference in Wyoming on for hints on the Fed’s interest rate hike strategy. Fed funds futures have been divided between 50 (43.5 per cent) and 75 bps (56.5 per cent) rate hike at the Sep meeting. This could all get repriced after Governor Powell’s speech at Jackson Hole today. Investors also took stock of data showing the US economy contracted at a moderate pace than initially thought in the second quarter. Today apart from Jackson hole symposium, focus will be on Core PCE data from the US which could give an initial direction to the metal prices. Broader trend on COMEX could be in the range of $1,725-1,775 and on domestic front prices could hover in the range of Rs 51,200 – 52,000 could be expected.”