Gold, Silver Prices Today: Gold slips Rs 296/10 gm, silver declines Rs 341/kg

Gold, Silver Rates Today News Updates: Prices of gold and silver opened lower in the key spot markets of the country on Wednesday, May 18, 2022.

The opening price for 999 purity gold was Rs 50,297 per 10 grams, down Rs 296 from Tuesday’s closing price of Rs 50,593, while that of 999 purity silver was Rs 60,961 per kg, down Rs 341 from Rs 61,302, the data available on India Bullion and Jewellers Association’s (IBJA) website showed.

Bullion Purity Opening price (Rs) Previous close (Rs)
Gold 999 50,297 50,593
995 50,096 50,390
916 46,072 46,343
750 37,723 37,945
585 29,424 29,597
Silver 999 60,961 61,302
Source: India Bullion and Jewellers Association (IBJA)

On the Multi Commodity Exchange of India (MCX), the gold contract for June delivery was trading at Rs 50,091.00 per 10 grams, down Rs 82.00 (0.16 per cent) at 1:19 pm while the silver contract for July delivery was at Rs 60,912.00, down Rs 244.00 (0.4 per cent).

In the global market, gold prices fell on Wednesday as the dollar recovered slightly, piling pressure on greenback-priced bullion alongside firm Treasury yields and an aggressive inflation stance by the US Federal Reserve chief, news agency Reuters reported earlier in the day.

Spot gold dropped 0.2 per cent to $1,810.49 per ounce, by 0557 GMT. US gold futures slipped 0.6 per cent to $1,808.10, the report said.

Speaking on the bullion market, Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart said, “Gold has opened on a negative note, where selling pressure is still intact, as any upside move will be a selling opportunity where it has resistance at Rs 50,200 and support at Rs 49,500 whereas in Comex, also it is expected to the test the levels of $1,800. Silver has the support at Rs 60,000 and resistance at Rs 61,100.”

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