Gold and silver prices fell in July, expected to rise in August, know today's latest updates

Gold price today: Gold and silver prices fell in the month of July due to weak demand and profit booking in the domestic market. Last month, the price of gold fell by 2.96 percent and the price of silver fell by 6.66 percent. The big fall in the precious metal is also due to the reduction in customs duty in the budget.

silver is cheaper than gold

In July, the price of gold in Ahmedabad has decreased by Rs. 2200. Which was Rs. 30 in June. Yesterday it came down to Rs. 74,200 per 10 grams. 72000 per 10 grams, while the price of silver remained at Rs. 72000. 6000 has been reported. Today the price of gold in Ahmedabad has increased by Rs. 500 as compared to yesterday. It is Rs. 72500 per 10 grams. While silver is stable at Rs. 84000 per kg as compared to yesterday.

Gold and silver also fell on MCX

Among gold futures, gold August futures on MCX opened at Rs 71,606 per 10 gram at the beginning of the month, hit an intra-day high of Rs 74,731 and a low of Rs 67,400 during the month, declined by Rs 0.2,570 at the end of the month to settle at Rs 0.2,570. Against this, gold-guinea July contract rose by Rs 8,2,629 per gram to Rs 55,567, and gold-petal July contract fell by Rs 308 to Rs 6,806 per gram. Gold-mini August futures fell by Rs 2,519 to Rs 69,083 per 10 gram.

In silver futures, silver September futures opened at Rs 89,453 per kg at the beginning of the month, touched a high of Rs 94,590, touched a low of Rs 80,271 and ended the month with a decline of Rs 5,944 to close at Rs 83,596. Silver-mini August contract fell by Rs 5,923 to close at Rs 83,659 and silver-micro August contract fell by Rs 5,950 to close at Rs 83,634.

What's next for gold and silver?

According to commodity and currency research analyst Jatin Trivedi, gold will rise. The announcement of interest rate cuts by the Fed Reserve and the growing geopolitical crisis will increase the buying of gold and silver. Investors are eyeing the announcement of US unemployment data tomorrow. MCX gold is expected to trade at Rs. 69600-70300 per 10 grams.