Gold Rate Today, Silver Rate Today, November 4th, 2022: Pure gold 999 opened at Rs 50,513 per 10 grams, up Rs 399 from Thursday’s closing price of Rs 50,114, while that of 999 purity silver was Rs 58,610 per kg, surging Rs 1,561 from Rs 57,049. Read below to find out bullion prices.
Gold Silver Price Today in India, November 4, 2022: Prices of gold and silver opened sharply higher in Mumbai’s spot market on Friday, November 4 tracking positive cues in the global market, analysts said.
The opening price for 999 purity gold was Rs 50,513 per 10 grams, up Rs 399 from Thursday’s closing price of Rs 50,114, while that of 999 purity silver was Rs 58,610 per kg, up Rs 1,561 from Rs 57,049, the data available on India Bullion and Jewellers Association’s (IBJA) website showed.
|Bullion||Purity||Opening price (Rs)||Previous close (Rs)|
|Source: India Bullion and Jewellers Association (IBJA)|
On the Multi Commodity Exchange of India (MCX), the gold contract for December delivery was trading at Rs 50,448.00 per 10 grams, up Rs 264.00 (0.53 per cent) at 1:19 pm while the silver contract for December delivery was at Rs 58,857.00, up Rs 531.00 (0.91 per cent).
In the international market, spot gold was up 1.1 per cent at $1,647.19 per ounce, as of 0618 GMT while US gold futures rose 1.2 per cent to $1,649.90, data from Reuters showed.
Speaking to indianexpress.com, Ajay Kedia, founder and director at Kedia Advisory said, “Despite a 75 bps rate hike by Fed gold and silver is trading positive, no doubt there has been a recovery in the Dollar index in the recent sessions but its still below its previous highs..Apart from this there are ongoing geopolitical tensions and although the physical demand has been affected but futures have witnessed an upward momentum.”
He noted that gold prices are expected to trade in a range of Rs 50,000-51,000 on the MCX while silver is expected to trade in a broader range of Rs 57,000-61,000. Buy on drop should be the strategy for bullion investors, Kedia said.
Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services noted, Gold and silver prices posted some gains after yesterday’s fall, amidst a steady Dollar and as market participants await US Jobs market data. Fed in its November policy meet announced fourth 75 bps rate hike for this year and vowed to “keep at” their battle to beat down inflation. The initial reaction after the Fed’s rate hike announcement was positive for bullions as the market participants believed that there could be some pause in the pace. Although, Governor Powell in his comments later mentioned that thinking about slowing is a bit premature and also pinned the fate of further action on inflation and other economic data points. Meanwhile, the BOE also raised interest rates by 75 bps, the most since 1989.”
He added that on the data front, US Service PMI data reported was better than expectations, but was still below the 50-mark. After a better than expected US private payroll data earlier this week, focus today will be on US nonfarm payroll and unemployment rate data which could trigger further volatility in the market.
“Broader trend on COMEX could be in the range of $1,610-1,665 and on domestic front, prices could hover in the range of Rs 50,000-50,670,” Damani said.