Gold, Silver Prices Today: Gold rises Rs 330/10 gm, silver climbs Rs 768/kg

Gold, Silver Rates Today News Updates: Prices of gold and silver opened sharply larger in the important thing spot markets of the nation on Friday, May 20, 2022.

The opening worth for 999 purity gold was Rs 51,012 per 10 grams, up Rs 330 from Thursday’s closing worth of Rs 50,682, whereas that of 999 purity silver was Rs 61,855 per kg, up Rs 768 from Rs 61,087, the information out there on India Bullion and Jewellers Association’s (IBJA) web site confirmed.

Bullion
Purity
Opening worth (Rs)
Previous shut (Rs)
Gold
999
51,012
50,682

995
50,808
50,479

916
46,727
46,425

750
38,259
38,012

585
29,842
29,649
Silver
999
61,855
61,087
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 50,700.00 per 10 grams, up Rs 156.00 (0.31 per cent) at 2:54 pm whereas the silver contract for July supply was at Rs 61,902.00, up Rs 338.00 (0.55 per cent).

In the worldwide market, gold costs firmed on Friday and have been poised for his or her first weekly achieve since mid-April as a pullback within the greenback from two-decade highs and deepening considerations over US financial development burnished the metallic’s safe-haven attraction, information company Reuters reported.

Spot gold was up 0.2 per cent at $1,844.48 per ounce by 0751 GMT, after rising as a lot as 1.9 per cent within the earlier session. US gold futures have been almost flat at $1,840.80, the report stated.

Commenting on the gold market, Tapan Patel, Senior Analyst (Commodities) at HDFC Securities stated, “Gold prices kept firm trading set for the first weekly gain since April with dollar decline and fall in US bond yields. The dollar index fell to 103 mark while 10 year US Treasury yields fell to 2.86 per cent. The global economic growth worries are weighing on dollar despite of hawkish FED. The higher inflation may continue to support gold prices for medium term. We expect gold prices to trade sideways to up for the day with COMEX spot gold support at $1,820 and resistance at $1,870 per ounce. MCX Gold June support lies at Rs 50,400 and resistance at Rs 51,000 per 10 gram.”