Gold, Silver Prices Today: Gold climbs Rs 112/10 gm, silver declines Rs 593/kg

The opening price for 999 purity gold was Rs 50,395 per 10 grams, up Rs 112 from Wednesday’s closing price of Rs 50,283, while that of 999 purity silver was Rs 60,556 per kg, down Rs 593 from Rs 61,149, 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 50,340.00 per 10 grams, up Rs 122.00 (0.24 per cent) at 2:55 pm while the silver contract for July delivery was at Rs 60,523.00, down Rs 255.00 (0.42 per cent).

In the international market, gold prices edged lower on Thursday, as an elevated US dollar and rising Treasury yields weighed on greenback-priced bullion, with the metal’s outlook already dampened by an aggressive Federal Reserve stance on inflation, news agency Reuters reported.

Spot gold had eased 0.2 per cent to $1,811.56 per ounce by 0754 GMT. US gold futures fell 0.4 per cent to $1,809.50, the report said.

Commenting on the gold market, Tapan Patel, Senior Analyst (Commodities) at HDFC Securities said, “Gold prices traded weak with spot gold prices at COMEX were trading marginal down near $1,812 per ounce on Thursday. Gold June future contract at MCX were trading 0.15 per cent down near Rs 50142 per 10 grams by noon session. Gold prices traded under pressure as traders and investors weighed on aggressive Fed despite of weak equity indices. Gold narrow range over mixed global cues from China COVID easing and plunge in equity indices over economic growth worries. We expect gold prices to trade sideways to down for the day with COMEX spot gold support at $1,790 and resistance at $1,830 per ounce. MCX Gold June support lies at Rs 49,800 and resistance at Rs 50,500 per 10 gram.”