Gold, Silver Prices Today: Gold rises Rs 218/10 gm, silver climbs Rs 568/kg – The Indian Express

The opening price for 999 purity gold was Rs 51,163 per 10 grams, up Rs 218 from Thursday’s closing price of Rs 50,945, while that of 999 purity silver was Rs 62,173 per kg, up Rs 568 from Rs 61,605, the data available on India Bullion and Jewellers Association’s (IBJA) website showed.

On the Multi Commodity Exchange of India (MCX), the gold contract for June delivery was trading at Rs 51,003.00 per 10 grams, up Rs 132.00 (0.26 per cent) at 3:11 pm while the silver contract for July delivery was at Rs 62,517.00, up Rs 724.00 (1.17 per cent).

In the international market, gold prices rose on Friday as the dollar continued to weaken, and helped put bullion on track for a second straight weekly gain amid cooling bets for a more aggressive monetary policy by the US Federal Reserve, news agency Reuters reported.

Best of Express Premium

Premium

Premium

Premium

Premium

Spot gold was up 0.4 per cent at $1,857.79 per ounce, as of 0802 GMT. US gold futures also rose 0.4 per cent to $1,855.50, the report said.

Commenting on the gold market, Tapan Patel, Senior Analyst (Commodities) at HDFC Securities said, “Gold prices are set to second weekly gain supported by weaker dollar and decline in US bond yields despite of aggressive Fed stance. The recent surge in oil prices have renewed inflation fears which has led to inflows in gold as safe haven asset. We expect gold prices to trade sideways to up for the day with COMEX spot gold support at $1,840 and resistance at $1,870 per ounce. MCX Gold June support lies at Rs 50,700 and resistance at Rs 51,400 per 10 gram.”

Gold, Silver Rates Thursday: Prices of gold and silver opened lower in the key spot markets of the country on Thursday, May 26, 2022.

The opening price for 999 purity gold was Rs 50,989 per 10 grams, down Rs 183 from Wednesday’s closing price of Rs 51,172, while that of 999 purity silver was Rs 61,339 per kg, down Rs 109 from Rs 61,448, the data available on India Bullion and Jewellers Association’s (IBJA) website showed.

On the Multi Commodity Exchange of India (MCX), the gold contract for June delivery was trading at Rs 50,744.00 per 10 grams, down Rs 75.00 (0.15 per cent) at 4:40 pm while the silver contract for July delivery was at Rs 61,603.00, up Rs 69.00 (0.11 per cent).

In the global market, gold prices fell for a second straight session on Thursday, pressured after the minutes of US Federal Reserve’s last policy meeting showed officials in support of further interest rate increases in June and July. Gold as a non-interest-paying asset could see demand take a hit from higher rates, news agency Reuters reported.

Spot gold slipped 0.4 per cent to $1,846 per ounce by 1003 GMT. US gold futures eased 0.1 per cent to $1,844.50, the report said.

Commenting on the gold market, Tapan Patel, Senior Analyst (Commodities) at HDFC Securities said, “We expect gold prices to trade sideways to up for the day with COMEX spot gold support at $1840 and resistance at $1870 per ounce. MCX Gold June support lies at Rs 50,500 and resistance at Rs 51,000 per 10 gram.”

Gold, Silver Rates Wednesday: Gold prices opened a tad lower while that of silver inched higher in the key spot markets of the country on Wednesday, May 25, 2022.

The opening price for 999 purity gold was Rs 51,217 per 10 grams, down Rs 75 from Tuesday’s closing price of Rs 51,292, while that of 999 purity silver was Rs 61,757 per kg, up Rs 466 from Rs 61,711, the data available on India Bullion and Jewellers Association’s (IBJA) website showed.

On the Multi Commodity Exchange of India (MCX), the gold contract for June delivery was trading at Rs 50,987.00 per 10 grams, down Rs 170.00 (0.33 per cent) at 1:08 pm while the silver contract for July delivery was at Rs 61,722.00, down Rs 254.00 (0.41 per cent).

In the international market, gold prices dropped on Wednesday as the dollar firmed, while investors awaited minutes from the US Federal Reserve’s May policy meeting for cues on the magnitude of the central bank’s upcoming interest rate hikes, news agency Reuters reported.

Spot gold was down 0.5 per cent at $1,857.39 per ounce, as of 0636 GMT, after rising to its highest since May 9 of $1,869.49 on Tuesday. US gold futures also dropped 0.5 per cent to $1,856.00, the report said.

Commenting on the gold market, Tapan Patel, Senior Analyst (Commodities) at HDFC Securities said, “The FOMC is expected to release the minutes from its May 3–4 policy meeting later in the day. We expect gold prices to trade sideways to down for the day with COMEX spot gold support at $1,840 and resistance at $1,870 per ounce. MCX Gold June support lies at Rs 50,800 and resistance at Rs 51,500 per 10 gram.”

Gold, Silver Rates Tuesday: Prices of gold and silver opened lower in the key spot markets of the country on Tuesday, May 24, 2022.

The opening price for 999 purity gold was Rs 51,205 per 10 grams, down Rs 112 from Monday’s closing price of Rs 51,317, while that of 999 purity silver was Rs 61,200 per kg, down Rs 1,006 from Rs 62,206, the data available on India Bullion and Jewellers Association’s (IBJA) website showed.

On the Multi Commodity Exchange of India (MCX), the gold contract for June delivery was trading at Rs 51,042.00 per 10 grams, up Rs 135.00 (0.27 per cent) at 1:09 pm while the silver contract for July delivery was at Rs 61,570.00, up Rs 267.00 (0.44 per cent).

In the global market, gold prices traded in a tight range on Tuesday, as the US dollar recouped some of its overnight losses, making greenback-priced bullion more expensive for overseas buyers, news agency 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 said.

ShareIndia Securities in a report said, “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” rating on gold above Rs 51,000 for the target of Rs 51,300 and a “Sell” below Rs 50,700 for the target of Rs 50,500.

Gold, Silver Rates Monday: Gold prices opened higher in the key spot markets of the country while silver slipped on Monday, May 23, 2022.

The opening price for 999 purity gold was Rs 51,248 per 10 grams, up Rs 221 from Friday’s closing price of Rs 51,027, while that of 999 purity silver was Rs 61,759 per kg, down Rs 245 from Rs 62,004, the data available on India Bullion and Jewellers Association’s (IBJA) website showed.

On the Multi Commodity Exchange of India (MCX), the gold contract for June delivery was trading at Rs 50,918.00 per 10 grams, up Rs 89.00 (0.18 per cent) at 12:36 pm while the silver contract for July delivery was at Rs 61,803.00, up Rs 396.00 (0.64 per cent).

In the international market, gold prices climbed on Monday to their highest in more than a week, helped by a weaker dollar, although higher US Treasury yields capped gains in greenback-priced bullion, news agency 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 in the session. US gold futures gained 0.6% to $1,853.50, the report said.

Commenting on the gold market, Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart said, “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.”