Gold, Silver Prices Today: Gold declines Rs 485/10 gm, silver crashes Rs 1,286/kg

Gold, Silver Rates Today News Updates: Prices of gold and silver in the important thing spot markets of India opened sharply decrease on Thursday, April 28, 2022.

The opening worth for 999 purity gold was Rs 51,264 per 10 grams, down Rs 485 from Wednesday’s closing worth of Rs 51,749, whereas that of 999 purity silver was Rs 63,991 per kg, down Rs 1,286 from Rs 65,277, the info accessible 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 51,183.00 per 10 grams, down Rs 16.00 (0.03 per cent) at 2:24 pm whereas the silver contract for May supply was at Rs 64,290.00, down Rs 390.00 (0.60 per cent).

Bullion
Purity
Opening worth (Rs)
Previous shut (Rs)
Gold
999
51,264
51,749

995
51,059
51,542

916
46,958
47,402

750
38,448
38,812

585
29,989
30,273
Silver
999
63,991
65,277
Source: India Bullion and Jewellers Association (IBJA)

In the worldwide market, gold costs fell to a 10-week low on Thursday, as an elevated US greenback harm demand for greenback-priced bullion, whereas an impending Federal Reserve rate of interest hike additionally dented the steel’s enchantment as an inflation hedge, information company Reuters reported.

Spot gold was down 0.1 per cent at $1,885.06 per ounce, as of 0805 GMT, and hit its lowest since Feb. 17 earlier within the session. US gold futures slipped 0.1% to $1,885.90, the report stated.

“Market participants are trading with a cautious approach ahead of the Fed policy meet scheduled next meet. Russia will stop supplying gas to Poland and Bulgaria, the two NATO and EU members said, an escalation in the deepening rift between the West and Moscow over Ukraine as tensions also surged in neighboring Moldova. Focus today will be on few US housing numbers and speech from ECB Governor Lagarde. Broader trend on COMEX could be in the range of $1,880-1,920 and on domestic front prices could hover in the range of Rs 51,000-51,900 could be expected,” stated Navneet Damani, Senior VP – Commodities Research at Motilal Oswal Financial Services.