Gold Silver Rate Today in India: Gold drops Rs 174/10 gms, silver descends Rs 410/kg

India Gold Silver Rate: Prices of gold and silver opened decrease within the main spot markets of the nation on Tuesday, June 19, 2022.

The 999 purity gold opened at Rs 50,493 per 10 grams, falling Rs 174 from the earlier shut of Rs 50,667, whereas the 999 purity silver opened at Rs 55,204 per kg, dropping Rs 410 from Rs 55,614, knowledge out there on India Bullion and Jewellers Association’s (IBJA) web site confirmed.

Bullion
Purity
Opening value (Rs)
Previous shut (Rs)
Gold
999
50,493
50,667

995
50,291
50,464

916
46,252
46,411

750
37,870
38,000

585
29,538
29,640
Silver
999
55,204
55,614
Source: India Bullion and Jewellers Association (IBJA)

The gold contract for August supply was buying and selling at Rs 50,255.00 per 10 grams, down Rs 106.00 (0.21 per cent) on the Multi Commodity Exchange of India (MCX) at 12:54 PM, whereas the silver contract for September supply was buying and selling at Rs 55,696.00 per kg, down Rs 395.00 (0.7 per cent).

Geojit Financial Services of their technical report on the MCX August gold contract stated to count on restoration upticks are anticipated for at the moment, until there’s a direct dip beneath Rs 49,600, prone to encourage additional selloffs.

The brokerage pegs assist at Rs 50,134, whereas it sees resistance round Rs 50604.

In the worldwide market, Spot gold held its floor at $1,709.57 per ounce, as of 0528 GMT. US gold futures eased 0.2 per cent to $1,707.40, Reuters knowledge confirmed.

Commenting on the bullion costs, Navneet Damani, Senior VP-Commodity Research at Motilal Oswal Financial Services stated,  “Although, U.S. Treasury yields rose as upbeat economic data released last week and a quiet period from the Federal Reserve set stage for risk taking. Fed officials signaled they would likely stick with a 75bps interest rate increase at their upcoming policy meeting, though a recent high inflation reading could still warrant larger increases than anticipated later in the year. There are concerns from institution like IMF, World Bank and others regarding global growth which is taking a big hit amidst aggressive rate hike trajectory. Focus today will be on inflation number from EU and U.S. housing numbers. Broader trend on COMEX could be in the range of $1680- 1730 and on domestic front prices could hover in the range of Rs. 49,950- 50,700 could be expected.”