Gold, Silver Prices Today: Gold declines Rs 649/10 gm, silver crashes Rs 1,954/kg

Gold, Silver Rates Today News Updates: Prices of gold and silver in the important thing spot markets of the nation opened sharply decrease on Monday, May 2, 2022.

The opening worth for 999 purity gold was Rs 51,406 per 10 grams, down Rs 649 from Friday’s closing worth of Rs 52,055, whereas that of 999 purity silver was Rs 62,820 per kg, down Rs 1,954 from Rs 64,774, the info accessible on India Bullion and Jewellers Association’s (IBJA) web site confirmed.

On the Multi Commodity Exchange of India (MCX), the gold contract for June supply was buying and selling at Rs 51,104.00 per 10 grams, down Rs 650.00 (1.26 per cent) at 1:21 pm whereas the silver contract for July supply was at Rs 63,426.00, down Rs 923.00 (1.43 per cent).

Bullion
Purity
Opening worth (Rs)
Previous shut (Rs)
Gold
999
51,406
52,055

995
51,200
51,847

916
47,088
47,682

750
38,555
39,041

585
30,073
30,452
Silver
999
62,820
64,774
Source: India Bullion and Jewellers Association (IBJA)

In the worldwide market, gold costs fell on Monday as elevated US Treasury yields pressured demand for zero-yield bullion, forward of a broadly anticipated huge rate of interest hike by the Federal Reserve to include broadening inflationary pressures, information company Reuters reported earlier within the day.

Spot gold was down 0.6 per cent at $1,884.50 per ounce, as of 0536 GMT. US gold futures dropped 1.5 per cent to $1,883.30, the report stated.

Speaking on the motion in bullion market, Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart stated “Comex gold prices have fallen below $1,900, trading near $1,886, indicating additional price weakening. Silver is also trading below the $23 mark. Low industrial metal demand could put more downward pressure on Silver prices. Gold in MCX has breached 51200 levels, indicating to test the next support level of Rs 50,700. It has resistance at Rs 51,700. Silver has support at Rs 62,500 below this level it may intensify selling momentum towards Rs 61,500 levels. It has resistance at Rs 63,500.”