Gold, Silver Prices Today: Gold inches up Rs 79/10 gm, silver crashes Rs 990/kg

Gold, Silver Rates Today News Updates: Gold costs in the important thing spot markets of the nation opened a tad larger whereas silver sharply declined on Thursday, May 12, 2022.

The opening value for 999 purity gold was Rs 51,284 per 10 grams, up Rs 451 from Wednesday’s closing value of Rs 51,205, whereas that of 999 purity silver was Rs 60,460 per kg, down Rs 990 from Rs 61,450, the info accessible on India Bullion and Jewellers Association’s (IBJA) web site confirmed.

Bullion
Purity
Opening value (Rs)
Previous shut (Rs)
Gold
999
51,284
51,205

995
51,079
51,000

916
46,976
46,904

750
38,463
38,404

585
30,001
29,955
Silver
999
60,460
61,450
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 50,770.00 per 10 grams, down Rs 52.00 (0.10 per cent) at 2:46 pm whereas the silver contract for July supply was at Rs 60,150.00, down Rs 602.00 (0.99 per cent).

In the worldwide market, gold costs wobbled in uneven commerce on Thursday, because the greenback hit a 20-year excessive, balancing assist from decrease Treasury yields, after month-to-month US inflation knowledge signalled the Federal Reserve would possible follow its aggressive rate-hike roadmap, information company Reuters reported.

Spot gold edged down 0.1 per cent to $1,850.81 per ounce by 0809 GMT. US gold futures had been down 0.2 per cent at $1,850.80, the report mentioned.

Commenting on the motion within the gold market, Tapan Patel, Senior Analyst (Commodities) at HDFC Securities mentioned, “Gold prices witnessed knee-jerk reaction post US inflation data which slightly rose in the month of April. The dollar and US bond yields responded to the record inflation numbers limiting downside in gold. The fall in equity indices and plunge in crypto currencies also supported gold prices to hold grounds near $1,850 per ounce. We expect gold prices to trade sideways to down for the day with COMEX spot gold support at $1,830 and resistance at $1,870 per ounce. MCX Gold June support lies at Rs 50,500 and resistance at Rs 51,200 per 10 grams.”