Gold falls Rs 451/10g, Silver plummets Rs 740/kg
Gold and Silver Prices Today News Updates: Gold and silver prices in the country’s major spot markets opened significantly lower on Wednesday, May 11, 2022.
The opening price for 999 pure gold was 51,045 rupees per 10 grams, down 451 rupees from Tuesday’s close of 51,496 rupees, while that for 999 pure silver was 60,733 rupees per kg, down 740 rupees from 61,473 rupees Conforms to data available on India Bullion and Jewelers Association (IBJA) website.
|gold bar||purity||Opening Price (Rs)||Previous Close (Rs)|
|Source: India Bullion and Jewelers Association (IBJA)|
On the Multi Commodity Exchange of India (MCX), the gold contract for June delivery was trading at Rs 50,642.00 per 10 grams, up Rs 56.00 (0.11 percent) at 13:16, while the silver contract for July delivery was Rs 60,900.00, down to Rs 282.00 (0.47 percent).
In the global market, gold hit a three-month low on Wednesday as an elevated dollar pushed prices lower as investors await monthly US inflation data, which could impact the Federal Reserve’s monetary policy stance and demand for precious metals, the reported Reuters news agency.
Spot gold held steady at $1,838.55 an ounce by 0546 GMT, having fallen to its lowest level since Feb. 11 earlier in the session, as a relatively strong dollar made bullion priced against the greenback less attractive to overseas buyers. U.S. gold futures fell 0.2 percent to $1,836.60, the report said.
Commenting on the movement in the gold market, Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart said: “While investors await the US CPI data, the daily trend in gold and silver could remain range-bound. Gold has a support level of Rs 50,000 and a resistance level of Rs 51,200. Silver has a support level of Rs 60,000 and a resistance level of Rs 62,000.”