Gold, Silver Prices Today: Gold slips Rs 112/10 gm, silver declines Rs 1,006/kg

Gold, Silver Rates Today News Updates: Prices of gold and silver opened decrease in the important thing spot markets of the nation on Tuesday, May 24, 2022.

The opening worth for 999 purity gold was Rs 51,205 per 10 grams, down Rs 112 from Monday’s closing worth of Rs 51,317, whereas that of 999 purity silver was Rs 61,200 per kg, down Rs 1,006 from Rs 62,206, the info obtainable on India Bullion and Jewellers Association’s (IBJA) web site confirmed.

Bullion
Purity
Opening worth (Rs)
Previous shut (Rs)
Gold
999
51,205
51,317

995
51,000
51,112

916
46,904
47,006

750
38,404
38,488

585
29,955
30,020
Silver
999
61,200
62,206
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 51,042.00 per 10 grams, up Rs 135.00 (0.27 per cent) at 1:09 pm whereas the silver contract for July supply was at Rs 61,570.00, up Rs 267.00 (0.44 per cent).

In the worldwide market, gold costs traded in a decent vary on Tuesday, because the US greenback recouped a few of its in a single day losses, making greenback-priced bullion dearer for abroad consumers, information company Reuters reported.

Spot gold was flat at $1,854.59 per ounce, as of 0557 GMT, after rising to its highest since May 9 of $1,865.29 on Monday. US gold futures gained 0.3 per cent to $1,8538.10, the report mentioned.

ShareIndia Securities in a report mentioned, “The weak sentiments of equity market has driven investors to much safer assets. Also, dollar has witnessed selling from two-decade highs and rising concerns over US economic growth have increased the gold demand. However, Fed’s aggressive rate hikes and fiscal tightening measures will still offer major resistance to gold. The cut in the five-year loan prime rate by the People’s Bank of China has supported the prices of industrial metals and crude oil, which has also boosted the prices of the precious metals last week.”

The brokerage gave a “Buy” score on gold above Rs 51,000 for the goal of Rs 51,300 and a “Sell” beneath Rs 50,700 for the goal of Rs 50,500.

Gold, Silver Rates Monday: Gold costs opened larger in the important thing spot markets of the nation whereas silver slipped on Monday, May 23, 2022.

The opening worth for 999 purity gold was Rs 51,248 per 10 grams, up Rs 221 from Friday’s closing worth of Rs 51,027, whereas that of 999 purity silver was Rs 61,759 per kg, down Rs 245 from Rs 62,004, the info obtainable on India Bullion and Jewellers Association’s (IBJA) web site confirmed.

Bullion
Purity
Opening worth (Rs)
Previous shut (Rs)
Gold
999
51,248
51,027

995
51,043
50,823

916
46,943
46,741

750
38,436
38,270

585
29,980
29,851
Silver
999
61,759
62,004
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 50,918.00 per 10 grams, up Rs 89.00 (0.18 per cent) at 12:36 pm whereas the silver contract for July supply was at Rs 61,803.00, up Rs 396.00 (0.64 per cent).

In the worldwide market, gold costs climbed on Monday to their highest in additional than every week, helped by a weaker greenback, though larger US Treasury yields capped beneficial properties in greenback-priced bullion, information company Reuters reported.

Spot gold rose 0.5 per cent to $1,854.57 per ounce by 0532 GMT. Prices hit their highest since May 12 at $1,855.91 earlier within the session. US gold futures gained 0.6% to $1,853.50, the report mentioned.

Commenting on the gold market, Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart mentioned, “Due to continued selling pressure in the global stock markets, investors have turned towards the precious metals. Gold and silver have registered an increase after a month of continuous decline. The dollar has retreated from two-decade highs and rising concerns over US economic growth have turned investors to safe-haven assets. However, the US Federal Reserve’s aggressive rate hikes and balance sheet cuts will still be major resistance to gold’s bullishness. The cut in the five-year LPR by the People’s Bank of China has supported the prices of industrial metals and crude oil, which has also boosted the prices of the precious metals last week. In MCX, a pullback move can be seen so buying can be initiated at lower levels where gold has resistance at Rs 51,100 and support at Rs 50,500. Silver has resistance at Rs 62,300 and support at Rs 60,500.”