Gold, Silver Prices Today: Gold rises Rs 477/10 gm, silver climbs Rs 484/kg

Gold, Silver Rates Today News Updates: Gold and silver costs in the important thing spot markets of India opened larger on Friday, April 29, 2022.

The opening value for 999 purity gold was Rs 52,003 per 10 grams, up Rs 477 from Thursday’s closing value of Rs 51,526, whereas that of 999 purity silver was Rs 64,750 per kg, up Rs 484 from Rs 64,266, the info accessible on India Bullion and Jewellers Association’s (IBJA) web site confirmed.

Bullion
Purity
Opening value (Rs)
Previous shut (Rs)
Gold
999
52,003
51,526

995
51,795
51,320

916
47,635
47,198

750
39,002
38,645

585
30,422
30,143
Silver
999
64,750
64,266
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 51,700.00 per 10 grams, up Rs 438.00 (0.85 per cent) at 1:57 pm whereas the silver contract for May supply was at Rs 64,538.00, up Rs 621.00 (0.97 per cent).

In the worldwide market, gold rose on Friday as worrying US financial knowledge rekindled some curiosity within the safe-haven steel, however bullion was prone to log its first month-to-month drop since January on bets for aggressive rate of interest hikes by the Federal Reserve, information company Reuters reported earlier within the day.

Spot gold was up 0.6 per cent at $1,905.67 per ounce, as of 0546 GMT, however had misplaced about 1.6 per cent up to now this month. US gold futures have been up 0.9 per cent at $1,908.10, the report mentioned.

“Precious metals gained the ground as weak US data indicates a slowdown in the US economy. US GDP data, released yesterday, stood at -1.4 per cent while forecasted at 1.1 per cent. International Monetary Fund (IMF) has downgraded the global economic growth, which ramp up the expectation as US economic data have started indicating a slowdown in the economy that may support precious metals at lower levels. Technically, selling momentums are getting weaker in precious metals that may support gold and silver prices. However, a strong US dollar and bond yield may cape the gain. Today prices may remain range-bound ahead of Fed’s policy meeting, scheduled next week,” mentioned Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart.