Gold and Silver Moves Today (August 5th).

Gold prices inched up today, closing at about $3,382 per ounce, which is a 0.2% gain over yesterday’s close.

The main reason for this uptick was renewed talk in the market about possible interest rate cuts from the Federal Reserve, following weaker-than-expected job growth and inflation data in the U.S. When investors think rates may go down, they often buy gold as it becomes a safer and more attractive asset. Trading was mostly steady, with limited big buying; some investors took profits after the recent modest rally, which helped keep gold’s moves fairly contained.

Silver opened just below $38 per ounce and ended the session slightly lower, settling near $37.85. The daily dip was not large, but it stood out compared to gold’s modest gain.

Even so, silver remains supported in the bigger picture by strong demand from the electronics and solar energy sectors. On the supply side, mining output remains tight, keeping overall sentiment in the silver market positive despite today’s small pullback.

In India, gold was quoted at about ₹1,01,560 for 10 grams and silver at ₹1,12,900 per kilogram. These local rates were influenced by movements in the rupee versus the US dollar, along with today’s international price action.

N/B: All screenshots are mine.