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Gold Silver Rate Today(22 July): Gold surges Rs 705/10 gms, silver rallies Rs 1,178/kg

Gold Silver Today, 22 July, 2022: The opening price for 999 purity gold was Rs 50,677 per 10 grams, up Rs 705 from Thursday’s closing price of Rs 49,972, while the opening price for 999 purity silver was Rs 55,085 per kg, up Rs 1,178 from Rs 53,907. Read below to find out bullion prices today.

By: Express Web Desk | New Delhi |
Updated: July 22, 2022 3:49:35 pm

INDIA GOLD DEMAND REUTERS 1200 1 1

Today’s Gold and Silver Rate in India. (Image: Reuters/File)

Gold Rate Today, Silver Rate Today: Gold and silver prices opened sharply higher in the key spot markets of the country on Friday, July 22, 2022.

The opening price for 999 purity gold was Rs 50,677 per 10 grams, surging Rs 705 from the previous close of Rs 49,972, while the opening price for 999 purity silver was Rs 55,085 per kg, up Rs 1,178 from Rs 53,907, data available on India Bullion and Jewellers Association’s (IBJA) website showed.

Bullion Purity Opening price (Rs) Previous close (Rs)
Gold 999 50,677 49,972
995 50,474 49,772
916 46,420 45,774
750 38,008 37,479
585 29,646 29,234
Silver 999 55,085 53,907
Source: India Bullion and Jewellers Association (IBJA)

On the Multi Commodity Exchange of India (MCX), the gold contract for August delivery was trading at Rs 50,443.00 per 10 grams, up Rs 68.00 (0.13 per cent) at 12:38 PM, while the silver contract for September delivery was trading at Rs 55,442.00 per kg, up Rs 31,00 (0.06 per cent).

IIFL Securities in their technical report on gold trade said that the prices for gold are expected to “trade sideways up as the fast stochastic has
generated a crossover buy signal in oversold territory.”

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The brokerage pegs support at Rs 49,800, while resistance at Rs 50,850.

In the global market, spot gold was down 0.2 per cent at $1,715.10 per ounce, as of 0545 GMT. Prices dropped to their lowest level in more than a year at $1,680.25 on Thursday before ending up 1.3 per cent. US gold futures were flat at $1,713.40 per ounce, Reuters data showed.

Commenting on the bullion prices, Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services said, “Gold price gained some momentum in the second half of the previous session recovering from lows of $1680 zones amidst volatility in Dollar Index. Heightened slowdown worries kept safe-haven bullion on track for its first weekly gain in six. Broader trend on COMEX could be in the range of $1680-1730 and on domestic front prices could hover in the range of Rs 49,850 – 50,700.”

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