Gold, Silver Prices Today: Gold declines Rs 338/10 gm, silver crashes Rs 973/kg

Gold, Silver Rates Today News Updates: Prices of gold and silver in the important thing spot markets of the nation opened sharply decrease on Friday, May 6, 2022.

The opening worth for 999 purity gold was Rs 51,449 per 10 grams, down Rs 338 from Thursday’s closing worth of Rs 51,787, whereas that of 999 purity silver was Rs 62,358 per kg, down Rs 973 from Rs 63,331, the info out there on India Bullion and Jewellers Association’s (IBJA) web site confirmed.

On the Multi Commodity Exchange of India (MCX), the gold contract for June supply was buying and selling at Rs 51,239.00 per 10 grams, up Rs 340.00 (0.67 per cent) at 3:18 pm whereas the silver contract for July supply was at Rs 62,618.00, up Rs 282.00 (0.45 per cent).

Bullion
Purity
Opening worth (Rs)
Previous shut (Rs)
Gold
999
51,449
51,787

995
51,243
51,580

916
47,127
47,437

750
38,587
38,840

585
30,098
30,295
Silver
999
62,358
63,331
Source: India Bullion and Jewellers Association (IBJA)

In the worldwide market, gold costs had been on observe for a 3rd straight weekly decline on Friday as buyers fretted over the prospects of aggressive price hikes from the US central financial institution, although slight pullback in greenback helped the dear steel to tick increased on the day, information company Reuters reported.

Spot gold rose 0.2 per cent to $1,881.17 per ounce by 917 GMT, however was down 0.8 per cent for the week. US gold futures had been up 0.4 per cent to $1,883.30, the report stated.

Speaking on the motion in gold market, Tapan Patel, Senior Analyst – Commodities at HDFC Securities stated, “Gold prices recovered from early lows following weakness in dollar index and sharp rise in euro. Earlier, gold prices capped upside with rally in US bond yields as 10 year treasury yield rose above 3 per cent. We expect gold prices to trade sideways to up for the day with COMEX spot gold support at $1,860 and resistance at $1,890 per ounce. MCX Gold June support lies at Rs 50,800 and resistance at Rs 51,500 per 10 gram.”