On Thursday, 1 July the MCX gold August futures in India were at Rs 46,963 per 10 gram, after increasing by 0.26 percent. The spot gold price in the country is at Rs 46,730 which has decreased from Rs 46,740 yesterday. On 1 July, the global gold prices have risen by 0.29 percent. However, in India, the spot gold prices remained lower on Thursday.
On the other hand, the September silver contracts were up by 0.58 percent. They were at Rs 69,477 a kilogram at 9.30 am.
According to the Director of Head-Commodity and Currency Research at Prithvi Finmart Commodity Research Manoj Kumar Jain, both the metals recovered from their 2.5 month low on Wednesday, 30 June due to due to perceived bargain buying at lower levels and short covering after showing extreme volatility, according to Moneycontrol.
He further said that gold is expected to trade in the range of Rs 46,500-47,200. While the precious metal silver is expected to trade in the range of Rs 68,200-69,900 levels.
Jain said that due to the volatility in the dollar index and US unemployment claims data, it is expected that the prices of gold and silver will remain volatile today.
Meanwhile, as the gold and silver prices fell in the overseas market, the Indian government has slashed the base import price on these metals.
From 1 July, the tariff value on imported gold and silver is at $836 for one kilogram and $566 for 10 grams. Previously, it was $893 for one kilogram and $601 per 10 grams.