Gold, Silver Prices Today: Gold slips Rs 125/10 gm, silver declines Rs 363/kg
Gold, Silver Rates Today News Updates: Gold and silver costs in key spot markets of the nation opened decrease on Wednesday, April 27, 2022.
The opening worth for 999 purity gold was Rs 51,868 per 10 grams, down Rs 125 from Tuesday’s closing worth of Rs 51,993, whereas that of 999 purity silver was Rs 65,234 per kg, down Rs 363 from Rs 65,597, the information out there 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 51372.00 per 10 grams, down Rs 212.00 (0.41 per cent) at 3:22 pm whereas the silver contract for May supply was at Rs 65,016.00, up Rs 48.00 (0.07 per cent).
Bullion
Purity
Opening worth (Rs)
Previous shut (Rs)
Gold
999
51,868
51,993
995
51,660
51,785
916
47,511
47,626
750
38,901
38,995
585
30,343
30,416
Silver
999
65,234
65,597
Source: India Bullion and Jewellers Association (IBJA)
In the worldwide market, gold costs slipped 1 per cent to a two-month low earlier on Wednesday as a rally in greenback on expectations of quicker US fee hikes dented the enchantment of greenback-priced bullion, information company Reuters reported.
Spot gold fell 0.6 per cent at $1,894.96 per ounce as of 1001 GMT, having dropped to $1,886.09, a low since Feb. 25. US gold futures slid 0.4 per cent to $1,896, the report mentioned.
“Gold prices witnessed selling on stronger dollar and recovery in equity indices. The dollar index rose by 0.20 per cent to 102.50 extending previous gains. The geopolitical risk has capped downside while traders are also awaiting for US FOMC decision next week. The expectations of 50 bps rate hike and narrowing Fed balance sheet has dampened demand for gold as safe haven. We expect gold prices to trade sideways to down for the day with COMEX spot gold support at $1,870 and resistance at $1,905 per ounce. MCX Gold June support lies at Rs 51,000 and resistance at Rs. 51,600 per 10 gram,” mentioned Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.
