Gold, Silver Prices Today: Gold slips Rs 296/10 gm, silver declines Rs 341/kg

Gold, Silver Rates Today News Updates: Prices of gold and silver opened decrease in the important thing spot markets of the nation on Wednesday, May 18, 2022.

The opening worth for 999 purity gold was Rs 50,297 per 10 grams, down Rs 296 from Tuesday’s closing worth of Rs 50,593, whereas that of 999 purity silver was Rs 60,961 per kg, down Rs 341 from Rs 61,302, the information obtainable on India Bullion and Jewellers Association’s (IBJA) web site confirmed.

Bullion
Purity
Opening worth (Rs)
Previous shut (Rs)
Gold
999
50,297
50,593

995
50,096
50,390

916
46,072
46,343

750
37,723
37,945

585
29,424
29,597
Silver
999
60,961
61,302
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 50,091.00 per 10 grams, down Rs 82.00 (0.16 per cent) at 1:19 pm whereas the silver contract for July supply was at Rs 60,912.00, down Rs 244.00 (0.4 per cent).

In the worldwide market, gold costs fell on Wednesday because the greenback recovered barely, piling strain on greenback-priced bullion alongside agency Treasury yields and an aggressive inflation stance by the US Federal Reserve chief, information company Reuters reported earlier within the day.

Spot gold dropped 0.2 per cent to $1,810.49 per ounce, by 0557 GMT. US gold futures slipped 0.6 per cent to $1,808.10, the report stated.

Speaking on the bullion market, Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart stated, “Gold has opened on a negative note, where selling pressure is still intact, as any upside move will be a selling opportunity where it has resistance at Rs 50,200 and support at Rs 49,500 whereas in Comex, also it is expected to the test the levels of $1,800. Silver has the support at Rs 60,000 and resistance at Rs 61,100.”