Gold, Silver Prices Today: Gold crashes Rs 731/10 gm, silver slips Rs 589/kg

Gold, Silver Rates Today News Updates: Prices of gold and silver opened sharply decrease in the important thing spot markets of the nation on Friday, May 13, 2022.

The opening worth for 999 purity gold was Rs 50,387 per 10 grams, down Rs 731 from Thursday’s closing worth of Rs 51,118, whereas that of 999 purity silver was Rs 59,207 per kg, down Rs 589 from Rs 59,796, the information out there on India Bullion and Jewellers Association’s (IBJA) web site confirmed.

Bullion
Purity
Opening worth (Rs)
Previous shut (Rs)
Gold
999
50,387
51,118

995
50,185
50,913

916
46,154
46,824

750
37,790
38,339

585
29,476
29,904
Silver
999
59,207
59,796
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 50,145.00 per 10 grams, down Rs 29.00 (0.06 per cent) at 3:15 pm whereas the silver contract for July supply was at Rs 59,023.00, up Rs 272.00 (0.46 per cent).

In the worldwide market, gold costs hovered close to a three-month low on Friday and have been set for his or her fourth straight weekly fall, because the strongest greenback in 20 years dampened demand for greenback-priced bullion, information company Reuters reported.

Spot gold was up 0.1 per cent at $1,823.40 per ounce, as of 0804 GMT, in uneven commerce. Earlier within the session, it hit its lowest since Feb. 7. US gold futures have been flat at $1,824.60, the report stated.

Commenting on the gold market, Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart stated, “Technically, gold prices are likely to continue lower in today’s session, and any price rise towards resistance levels could be a selling opportunity. Gold faces resistance at Rs 50,700 and support at Rs 50,000, with a drop to Rs 49,500 levels possible. Silver has Rs 58,000 as support and Rs 60,500 as resistance.”