Gold, Silver Prices Today: Gold declines Rs 451/10 gm, silver crashes Rs 740/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 Wednesday, May 11, 2022.

The opening value for 999 purity gold was Rs 51,045 per 10 grams, down Rs 451 from Tuesday’s closing value of Rs 51,496, whereas that of 999 purity silver was Rs 60,733 per kg, down Rs 740 from Rs 61,473, the info accessible on India Bullion and Jewellers Association’s (IBJA) web site confirmed.

Bullion
Purity
Opening value (Rs)
Previous shut (Rs)
Gold
999
51,045
51,496

995
50,841
51,290

916
46,575
47,170

750
38,284
38,622

585
29,861
30,125
Silver
999
60,733
61,473
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 50,642.00 per 10 grams, up Rs 56.00 (0.11 per cent) at 1:16 pm whereas the silver contract for July supply was at Rs 60,900.00, up Rs 282.00 (0.47 per cent).

In the worldwide market, gold touched a three-month low on Wednesday as an elevated greenback held down costs whereas traders await US month-to-month inflation information, which could impression the Federal Reserve’s financial coverage stance and demand for bullion, information company Reuters reported.

Spot gold held its floor at $1,838.55 per ounce, as of 0546 GMT, after falling to its lowest since Feb. 11 earlier within the session, as a comparatively robust greenback made greenback-priced bullion much less engaging for abroad patrons. US gold futures dipped 0.2 per cent to $1,836.60, the report stated.

Commenting on the motion within the gold market, Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart stated, “As investors await US CPI data, day trend in gold and silver may remain range-bound to the downside. Gold has a support level of Rs 50,000 and a resistance level of Rs 51,200. Silver has a Rs 60,000 support level and a Rs 62,000 resistance level.”