Gold Silver: Prices of gold and silver opened decrease within the main spot markets of the nation on Thursday, June 21, 2022.
The 999 purity gold opened at Rs 50,182 per 10 grams, falling Rs 371 from its earlier shut of Rs 50,553, whereas the 999 purity silver opened at Rs 54,737 per kg, dropping Rs 630 from Rs 55,367, information obtainable on India Bullion and Jewellers Association’s (IBJA) web site confirmed.
Bullion
Purity
Opening value (Rs)
Previous shut (Rs)
Gold
999
50,182
50,553
995
49,981
50,351
916
45,967
46,307
750
37,637
37,915
585
29,356
29,574
Silver
999
54,737
55,367
Source: India Bullion and Jewellers Association (IBJA)
The gold contract for August supply was buying and selling at Rs 49,864.00 per 10 grams, down Rs 361.00 (0.72 per cent) at 01:24 PM, whereas the silver contract for September supply was buying and selling at Rs 54,643.00 per kg, down Rs 976 (1.75 per cent).
Geojit Financial Services of their technical report on the MCX August gold contract stated to count on delicate destructive bias initially and {that a} breaking of Rs 49,800 is required proceed features within the counter. Consistent trades beneath Rs 50,200 is an indication of main liquidation, the report added.
In the worldwide market, spot gold was down 0.2 per cent at $1,692.80 per ounce, as of 0516 GMT, after falling to its lowest since early August 2021 at $1,689.40 earlier within the session. US gold futures fell 0.6 per cent to $1,689.50 per ounce, as per Reuters information.
Commenting on the bullion costs, Tapan Patel, Senior Analyst (Commodities) at HDFC securities stated, “Gold prices traded lower on Thursday with spot gold prices at COMEX were trading 0.23 per cent down near $1,693 per ounce in the morning trade. Gold prices witnessed selling in previous session on strong dollar and rally in equity indices. The growing speculation over US FED rate hike may keep gold prices under check for short term. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1,685 per ounce and resistance at $1,710 per ounce. MCX Gold August support lies at Rs 49,800 and resistance at Rs 50,500 per 10 grams.”
