Gold, Silver Prices Today: Gold slips Rs 98/10 gm, silver positive aspects Rs 577/kg

Gold, Silver Rates Today News Updates: Gold costs opened a tad decrease whereas that of silver rose sharply in the important thing spot markets of the nation on Monday, May 16, 2022.

The opening value for 999 purity gold was Rs 50,367 per 10 grams, down Rs 98 from Friday’s closing value of Rs 50,465, whereas that of 999 purity silver was Rs 59,683 per kg, up Rs 577 from Rs 59,106, the information accessible on India Bullion and Jewellers Association’s (IBJA) web site confirmed.

Bullion
Purity
Opening value (Rs)
Previous shut (Rs)
Gold
999
50,367
50,465

995
50,165
50,263

916
46,136
46,226

750
37,775
37,849

585
29,465
29,522
Silver
999
59,683
59,106
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 49,878.00 per 10 grams, up Rs 5.00 (0.01 per cent) at 3:17 pm whereas the silver contract for July supply was at Rs 59,770.00, up Rs 438.00 (0.74 per cent).

In the worldwide market, gold costs fell greater than 1 per cent on Monday to their lowest stage since late January, as a stronger greenback continued to hammer demand for greenback-priced bullion, information company Reuters reported.

Spot gold fell 0.8 per cent to $1,797.82 per ounce, by 0815 GMT. US gold futures dropped 0.6 per cent to $1,797.40,the report stated.

Commenting on the gold market, Tapan Patel, Senior Analyst (Commodities) at HDFC Securities stated, “The traders and investors weighed on aggressive rate hike in coming months while weaker Chinese Yuan is also boosting buying in dollar lowering demand for gold. The dollar index was trading off to 20 years highs on Monday. We expect gold prices to trade sideways to down for the day with COMEX spot gold support at $780 and resistance at $1,810 per ounce. MCX Gold June support lies at Rs 49,400 and resistance at Rs 50,200 per 10 gram.”