Gold, silver costs in the present day: Gold descends Rs 150/10 gm, silver drops Rs 694/kg

Gold and silver charges in the present day: Gold and silver costs opened decrease within the main spot markets on Wednesday, June 22, 2022.

The value of 999 purity gold initially retailed at Rs 50,764 per 10 grams, dropping a complete of Rs 150 from Tuesday’s closing value of Rs 50,914. Simultaneously, 999 purity silver opened at Rs 60,383 per kg, down Rs 694 from the day gone by’s closing value of Rs 61,077, the information obtainable on India Bullion and Jewellers Association’s (IBJA) web site confirmed.

Bullion
Purity
Opening value (Rs)
Previous shut (Rs)
Gold
999
50764
50914

995
50561
50710

916
46500
46637

750
38073
38186

585
29697
29785
Silver
999
60383
61077
Source: India Bullion and Jewellers Association (IBJA)

On the Multi Commodity Exchange of India, the gold contract for August supply was buying and selling at Rs 50,630.00 per 10 grams, down Rs 130.00 (0.26 %), at 01:14 PM, whereas that of silver for July supply was at Rs 60,371.00 per kg, down Rs 900.00 (1.47%).

In the worldwide market, gold costs declined on Wednesday because the greenback strengthened, however the steel was nonetheless buying and selling in a constrained vary as buyers anticipated new clues from main central banks concerning their financial coverage plans, notably the US Federal Reserve, information company Reuters reported.

Spot gold fell 0.3% to $1,826.41 per ounce by 0528 GMT, extending losses to a fourth straight session. US gold futures dropped 0.6% to $1,827.40, the report stated.

Commenting on the bullion market, Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart stated, “Gold is trading in the range of $1,860-$1,800 on COMEX, which acts as immediate resistance and support respectively where sell on rise and buy on dips can be followed. Gold remained marginally up in the previous session while silver gained more than 1%. However, a firmer US bond yield capped the gain of gold. On MCX also, it is trading in the range where gold has support at Rs 50,600 and prices are hovering above 100 DEMA. It has resistance at Rs 51,300. Silver has support at Rs 60,800 and resistance at Rs 62,000.”