Gold and silver costs as we speak: Gold tumbles Rs 62/10 gm, silver drops Rs 206/kg

Gold, silver charges as we speak: Gold and silver costs started the day down in the important thing spot markets, on June 21, 2022.

The worth of 999 pure gold opened at Rs 50,943 per 10 grams, taking a drop of Rs 62 from Friday’s closing of Rs 51,005, whereas that of 999 purity silver was Rs 60,773 per kg, down Rs 206 from Rs 60,979,  the date obtainable on India Bullion and Jewellers Association’s (IBJA) web site confirmed.

Bullion
Purity
Opening worth (Rs)
Previous shut (Rs)
Gold
999
50943
51005

995
50739
50801

916
46664
46721

750
38207
38254

585
29802
29838
Silver
999
60773
60979
Source: India Bullion and Jewellers Association (IBJA)

On the Multi Commodity Exchange of India, the gold contract for August supply was buying and selling at Rs 50,715.00 per 10 grams, down Rs 20.00 (0.04 %), at 12:58 PM, whereas that of silver for July supply was at Rs 60,727.00 per kg, down Rs 17.00 (0.03%).

In the worldwide market, gold costs remained unchanged on Tuesday as traders targeted on main central banks’ stance on rate of interest hikes, so as to get hold of a greater image of the bullion market, information company Reuters reported.

Spot gold was regular at $1,838.26 per ounce by 0502 GMT, after buying and selling largely range-bound on Monday. US gold futures have been little modified at $1,839.90, the report mentioned.

Commenting on the bullion market, Tapan Patel, Senior Analyst at HDFC Securities mentioned, “Gold prices got support from a weaker dollar and lower bond yields. Gold prices may attract safe-haven buying over weak equity indices and recession worries. The global equity markets were down over concerns that tightening monetary policies might slow economic growth. We expect gold prices to trade sideways to up for the day with COMEX spot gold support at $1820 and resistance at $1850 per ounce. MCX Gold Aug support lies at Rs. 50,600 and resistance at Rs. 51,100 per 10 grams.”