Gold, Silver Prices Today: Gold climbs Rs 98/10 gm, silver rallies Rs 363/kg

Gold, Silver Rates Today News Updates: Prices of gold and silver opened larger in the important thing spot markets on Thursday, June 9, 2022.

The opening worth for 999 purity gold was Rs 51,136 per 10 grams, up Rs 98 from Wednesday’s closing worth of Rs 51,038, whereas that of 999 purity silver was Rs 62,048 per kg, up Rs 363 from Rs 61,685, the info obtainable on India Bullion and Jewellers Association’s (IBJA) web site confirmed.

Bullion
Purity
Opening worth (Rs)
Previous shut (Rs)
Gold
999
51,136
51,038

995
50,931
50,834

916
46,841
46,751

750
38,352
38,279

585
29,915
29,857
Silver
999
62,048
61,685
Source: India Bullion and Jewellers Association (IBJA)

On the Multi Commodity Exchange of India (MCX), the gold contract for August supply was buying and selling at Rs 50,995.00 per 10 grams, down Rs 56.00 (0.11 per cent) at 1:25 pm whereas the silver contract for July supply was at Rs 61,847.00, down Rs 179.00 (0.29 per cent).

In the worldwide market, gold costs have been barely down on Thursday, restrained by an increase in Treasury yields forward of key US jobs and inflation information this week that would affect the Federal Reserve’s rate-hike roadmap for combating inflation, information company Reuters reported.

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Spot gold was down 0.1 per cent at $1,851.70 per ounce, as of 0622 GMT, whereas US gold futures eased 0.1 per cent to $1,853.90, the report stated.

Commenting on the bullion market, Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart stated, “In the last trading session, gold and silver prices gained due to weak global economic data. US Wholesale inventories data rose to 2.2 per cent versus 2.1 per cent registered the previous month. Precious metals are attracting investors as the rising cost of energy ramps up the expectation of higher inflation. However, the European Central Bank’s monetary policy, which is scheduled today in the evening, may cap the gain of bullion. The trend in bullion may remain range-bound while prices look supportive at the lower range. Gold has support at Rs 50,800 and resistance at Rs 51,500. Silver has support at Rs 61,400 and resistance at Rs 63,000.”