Gold, Silver Prices Today: Gold climbs Rs 112/10 gm, silver declines Rs 593/kg

Gold, Silver Rates Today News Updates: Gold costs opened a tad increased whereas that of silver declined sharply in the important thing spot markets of the nation on Thursday, May 19, 2022.

The opening worth for 999 purity gold was Rs 50,395 per 10 grams, up Rs 112 from Wednesday’s closing worth of Rs 50,283, whereas that of 999 purity silver was Rs 60,556 per kg, down Rs 593 from Rs 61,149, the info obtainable on India Bullion and Jewellers Association’s (IBJA) web site confirmed.

Bullion
Purity
Opening worth (Rs)
Previous shut (Rs)
Gold
999
50,395
50,283

995
50,193
50,082

916
46,162
46,059

750
37,796
37,712

585
29,481
29,416
Silver
999
60,556
61,149
Source: India Bullion and Jewellers Association (IBJA)

On the Multi Commodity Exchange of India (MCX), the gold contract for June supply was buying and selling at Rs 50,340.00 per 10 grams, up Rs 122.00 (0.24 per cent) at 2:55 pm whereas the silver contract for July supply was at Rs 60,523.00, down Rs 255.00 (0.42 per cent).

In the worldwide market, gold costs edged decrease on Thursday, as an elevated US greenback and rising Treasury yields weighed on greenback-priced bullion, with the steel’s outlook already dampened by an aggressive Federal Reserve stance on inflation, information company Reuters reported.

Spot gold had eased 0.2 per cent to $1,811.56 per ounce by 0754 GMT. US gold futures fell 0.4 per cent to $1,809.50, the report stated.

Commenting on the gold market, Tapan Patel, Senior Analyst (Commodities) at HDFC Securities stated, “Gold prices traded weak with spot gold prices at COMEX were trading marginal down near $1,812 per ounce on Thursday. Gold June future contract at MCX were trading 0.15 per cent down near Rs 50142 per 10 grams by noon session. Gold prices traded under pressure as traders and investors weighed on aggressive Fed despite of weak equity indices. Gold narrow range over mixed global cues from China COVID easing and plunge in equity indices over economic growth worries. We expect gold prices to trade sideways to down for the day with COMEX spot gold support at $1,790 and resistance at $1,830 per ounce. MCX Gold June support lies at Rs 49,800 and resistance at Rs 50,500 per 10 gram.”