Prices of Gold dropped by Rs 95 to Rs 59, 505 per 10 grams in the national capital on Monday. This decline in gold price comes amid a fall in precious metal in the global markets, as per HDFC Securities. Reportedly, the yellow metal had settled at Rs 59,600 per 10 grams in the past trade. However, the prices of silver remained flat at Rs 72,500 per kilogramme.

According to reports, in the global markets, gold was trading lower at USD 1,923 per ounce while silver on the other hand remained flat at USD 23.09 per ounce. Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities stated that the gold prices resumed trading on a slightly negative note after an uptick in the US dollar.

According to Praveen Singh, Associate Vice President at Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, on the macroeconomic front, this week’s major concentration will be US CPI Inflation data (June), which is expected to extend its deadline. Reports further state that the US dollar may suffer on soft inflation data, thereby investors are likely to buy the dips in gold. 

In the last week of June, gold prices dipped down by Rs 100 to Rs 58,950 per 10 grams in the national capital. This decline in gold price came amidst a decline in precious metal prices globally, as per the HDFC Securities. The precious metal had earlier closed at Rs 59,050 per 10 grams in the earlier trade. Nonetheless, the silver prices remained flat at Rs 71,250 per kilogramme. Reports claimed that in the overseas markets, gold was trading lower at USD 1,904 per ounce, while on the other hand silver prices remained flat at USD 22.74 per ounce.

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Bullion demand is sluggish right now. In domestic markets, the gold prices showed a slight rise on Monday. However, on Tuesday, June 7, 2022, the futures market can be seen running at loss. Although the price of 10 grams of gold remains above 50,000.

Today silver has shown a big decline in its price. Gold prices fell for the third consecutive session in the international market amid fears of an increase in the benchmark policy rate by the Federal Reserve Bank. Spot gold was down 0.1% at $ 1,839.39 an ounce. US Gold Futures was also down 0.1% at $1,841.80 an ounce.

If we talk about the domestic market, then at 11:56 pm, gold futures were falling by Rs 141 or 0.28% and the metal had reached the level of Rs 50,729 per 10 grams. In the previous session, the closing was done at Rs 50,870. During this, silver prices were down by Rs 649 or 1.04% at Rs 61,650 per kg. Silver had closed at Rs 62,299 in yesterday’s session.

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IBJA Rates

If you look at the rate of India Bullion and Jewelers Association Limited (IBJA), then today with the last update, the price of gold and silver are given below:

These prices are given per gram without GST charge

999 (purity) – 51,112
995- 50,907
916- 46,819
750- 38,334
585- 29,901
Silver 999- 62,592

Price of gold jewellery of different carats in bullion market

Fine Gold (999) – Rs 5,111
22 KT- Rs 4,989
20 KT- Rs 4,549
18 KT- Rs 4,140
14 KT- Rs 3,297
Silver- (999)- 62,592

Bullion market gold price today

On Monday, amidst a firm trend in global markets, gold prices increased by Rs 43 to Rs 50,908 per 10 grams in the Delhi bullion market on Monday. Due to this, gold has closed at Rs 50,865 per 10 grams in the previous trading session. Silver also increased by Rs 850 to Rs 62,211 per kg. Silver has closed at Rs 61,361 per kg in its previous trading session.

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Silver has been used since ages. From basic rings to neck pieces, people have been using it for a long time. According to an ancient belief, it is said that silver keeps evil energies away and it attracts good energies. But do you know that silver has lots of healing properties? Since time immemorial, silver has been used to make jewellery. The ornaments that are made from this, gives an aesthetically pleasing appearance but apart from this, it has numerous health benefits that are scientifically proven.

Here are some of the amazing benefits that are listed down below:

Antimicrobial agent 

Silver helps in fighting many infections and viruses. It also tackles flu, wound healing, and managing illness. These are not myths but actual scientific facts. Many medical tools and equipment are made of silver because of their antibacterial properties. Silver has a very significant history of antibiotics and sterilization.

Internal heat regulation 

Silver helps in promoting internal heat regulation to its wearers. Some of the researchers say that it levels up the energy and helps in controlling the moods of patients with mental disorders.

Silvers help in managing body temperature.

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Maintaining emotional balance

As mentioned above, silver is used for heat regulation because it levels up the energy and controls the emotional balance. Sliver can help in preventing mood swings and depression. It also manages to promote mental health.

Elasticity in blood vessels

Silver helps to keep blood vessels in elasticity. It provides several benefits to the body like healing, bone formation, skin maintenance, and more. Researchers have also mentioned that there are certain kinds of rings that will help in arthritis. It also helps in the movement of swollen joints.

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In India, gold and silver saw a major dip in their price on Monday. The fall in price came after US Federal Reserve Chairman Jerome Powell indicated that the US Central banks are planning to cut their asset purchase this year. Meanwhile. on Multi-Commodity Exchange (MCX), the October gold contracts slumped to 0.20 per cent to Rs 47,441 for 10 grams at 0930 hours on August 30. The silver price on the MCX remains the same on Monday. On the other hand, the gold price rose to 0.02 per cent to Rs 64,050 on August 30.

Meanwhile, the Indian rupee on Friday jumped to over 10 weeks against the US dollar, this is the reason why the gold import in India has now become cheaper. The Gold p[ice in India includes 10.75% import duty and 3% GST.

What is the spot gold and silver price on Monday?

The spot gold price in India rose by 0.02 per cent at $1,819.71 per ounce. On the other hand, silver rose by 0.3 per cent to $24.07 per ounce. Talking about the gold and silver prices, currently, the gold in India is priced at Rs 47,489 per 10 gram on MCX, with a change of Rs 71.2. Whereas, the price of gold in the Indian spot market is at Rs 47,760.

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It is stated that the gold and silver showed a rise on Friday trading session. In that, the yellow metal and silver commodity showed a rise of 0.63 per cent. However, recently gold and silver have started witnessing a decline in their price as it is the opportunity to create the bullions. Well, this surely means that this is the right time to buy some gold, according to traders.

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After witnessing a decrease in the rates of the yellow metal and silver commodity, the prices of gold and silver has yet again surged today. This is the first time this week that the prices went high. According to the Multi-Commodity Exchange (MCX), October gold contracts climbed at 0.35 per cent which means now the price of gold stands at Rs 47,403 for 10 grams at 9:30 hours on August 27.

Whereas, the price of silver also went high on Friday after seeing a decline in the past four days. The price of silver has now surged by 0.27 per cent which means now it stands at Rs 62,892 on August 27.

Earlier, the price of gold was standing at Rs 47,181 per 10 grams. On the other hand, the spot gold price spiked by 0.1 per cent. Meanwhile, the US gold future rose by 0.1 per cent to $1,796.70.

Ravindra Rao, the head of commodity research at Kotak Securities said that the COMEX gold trades went marginally higher near $1800/oz after a gain of 0.2 per cent yesterday. It is said that the gold trades went higher owing to the support by safer haven buying amid increasing tensions which were related to Afghanistan following attacks at Kabul airport.

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The investors are now awaiting Jerome Powell’s remarks at the Jackson Hole, Wyoming, Symposium at 7:30 pm for any hints about when the Fed will start its asset purchasing programme.

According to the report of Reuters, gold prices were steady on Friday, as investors were awaiting the Fed chief Jerome Powell’s speech.

For those who don’t know, China’s net gold imports via Hong Kong fell nearly 29 per cent in July after a sharp surge in June, according to Hong Kong Census and Statistics Department data.

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