Gold, silver charges right this moment: Gold drops Rs 161/10 gm, silver slips Rs 335/kg

Gold, Silver Rates Today News Updates: Prices of gold and silver began on a weak notice in the important thing spot markets, on Thursday, June 23, 2022.

The opening value for 999 purity gold was Rs 50,994 per 10 grams, down Rs 161 from Wednesday’s closing value of Rs 51,155, whereas that of 999 purity silver was Rs 60,409 per kg, down Rs 335 from Rs 60,744, the information accessible on India Bullion and Jewellers Association’s (IBJA) web site confirmed.

Bullion
Purity
Opening value (Rs)
Previous shut (Rs)
Gold
999
50,994
51,155

995
50,790
50,950

916
46,711
46,858

750
38,246
38,366

585
29,831
29,926
Silver
999
60,409
60,744
Source: India Bullion and Jewellers Association (IBJA)

The gold contract for August supply on Multi Commodity Exchange of India was buying and selling at Rs 50,898.00 per 10 grams, down Rs 6.00 (0.01%) at 01:23 PM, whereas the silver contract for July supply was at Rs 60,368 per kg, down Rs 280 (0.46%).

In the worldwide market, gold costs eased on Thursday, pressured by expectations of aggressive rate of interest will increase after the U.S. Federal Reserve chief doubled down on the central financial institution’s battle towards inflation, information company Reuters reported.

Spot gold fell 0.2% to $1,834.33 per ounce by 0733 GMT. U.S. gold futures eased 0.1% to $1,835.60, the report stated.

Commenting on the gold costs, Tapan Patel, Senior Commodity Analyst at HDFC Securities stated, “The yellow metal has kept range-bound trading below $1840 over aggressive FED rate hike expectations and recession fears. Gold prices got some respite with the dollar decline and weaker equity indices. Prices are expected to trade in the current range with a lack of fresh triggers. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1820 and resistance at $1,850 per ounce. MCX Gold August support lies at Rs 50,600 and resistance at Rs 51,300 per 10 grams.”