The opening price for 999 purity gold was Rs 51,405 per 10 grams, down Rs 61 from Friday’s closing price of Rs 51,466, while that of 999 purity silver was Rs 57,912 per kg, up Rs 359 from Rs 57,553, the data available on India Bullion and Jewellers Association’s (IBJA) website showed.
Bullion
Purity
Opening price (Rs)
Previous close (Rs)
Gold
999
51,405
51,466
995
51,199
51,260
916
47,087
47,143
750
38,554
38,600
585
30,072
30,108
Silver
999
57,912
57,553
Source: India Bullion and Jewellers Association (IBJA)
On the Multi Commodity Exchange of India (MCX), the gold contract for October delivery was trading at Rs 51,409 per 10 grams, down Rs 217.00 (0.42 per cent) at 1:33 pm while the silver contract for September delivery was at Rs 58,107.00, down Rs 263.00 (0.45 per cent).
Advertisem*nt
In the global market, spot gold held its ground at $1,764.29 per ounce, as of 0650 GMT, after hitting its highest since July 6 at $1,767.79 on Friday. US gold futures dipped 0.2 per cent to $1,779 per ounce, according to Reuters data.
Geojit Financial Services in its technical report noted “while prices stay above Rs 51,200 expect recovery moves. Further selloffs are seen only a break of Rs 50,400.”
Use a silver price calculator for the cost of silver.
Use a gold price historical chart or a silver price historical chart to better understand how the spot price has changed over time and what may happen in the future.
Many experts in the space expect silver to perform strongly in the years to come, but don't necessarily see it reaching US$100 or more, especially given the current macroeconomic conditions.
In turn, the rising industrial demand could support higher silver prices over time, so adding silver bars or coins to your investment mix now, while silver prices are low, could be a smart move.
“Silver will largely follow gold, while strong industrial and investment demand will push prices above USD25/oz in H2 2024.” Economic data provider Trading Economics predicted silver to trade at $22.97/oz by the end of Q1 and rise to $24.39 in 12 months' time, as of February 27.
In the event of a dollar collapse, silver, being a precious metal with intrinsic value, may see a rise in price due to increased demand as investors seek a hedge against inflation and financial instability. Silver's value as an investment could serve as a store of wealth in uncertain economic times.
You can sell your gold and silver near you by using a local coin shop. The advantage of a local coin shop is that one can receive the cash more quickly. The drawback is that they may not offer the best price since their expenses are higher. And a small shop may not be able to handle large buyback orders.
Banks. Some banks in the U.S. sell gold bars and coins (as well as silver coins). This can be a good option for investors who prefer the public accountability of a federally regulated institution. However, your options may be limited compared to what you'll find at an online retailer.
Let's debunk some misconceptions about precious metals reporting; it's not the gold or silver you're buying or selling that the government wants reported, but rather the cash transactions exceeding $10,000. If you pay in paper money, and it's over this threshold, that's when the IRS requires a Form 8300.
The answer is yes, based on the current economic conditions and potential market volatility. Investing in precious metals such as gold and silver can help protect your portfolio against inflation and economic uncertainty.
Introduction: My name is Edwin Metz, I am a fair, energetic, helpful, brave, outstanding, nice, helpful person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
Today Gold and Silver Rate in India: Customers select gold jewelry in a jewellery shop at Agartala.(Express photo by Abhisek Saha)