Gold, Silver Prices Today: Gold climbs Rs 264/10 gm, silver rallies Rs 623/kg

On the Multi Commodity Exchange of India (MCX), the gold contract for August delivery was trading at Rs 51,326.00 per 10 grams, up Rs 57.00 (0.11 per cent) at 1:09 pm while the silver contract for July delivery was at Rs 62,575.00, up Rs 239.00 (0.38 per cent).

In the global market, gold prices scaled a one-month peak on Friday, riding on a weaker US dollar that has also put bullion on track for a third straight weekly gain, news agency Reuters reported.

Spot gold was steady at $1,867.33 per ounce, as of 0539 GMT, after hitting its highest level since May 9 of $1,873.79. Gold prices have risen about 0.8 per cent so far this week. US gold futures edged up 0.1 per cent to $1,872.10, the report said.

Commenting on the bullion market, Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart said “On COMEX, Gold prices are trading at its resistance level of $1,880, where in the last trading precious metals shined as the US dollar index slipped below 102 levels, making non-yielding precious metals more attractive. The US ADP non-farm data stood at 128k versus 295k forecasted earlier, also supported the precious metals prices. On MCX, as prices opened at its resistance level, so sideways to downside move is expected where Gold has resistance at Rs 51,600 and support at Rs 51,000 and Silver has resistance at Rs 63,000 and support at Rs 62,400.”

Gold, Silver Rates Thursday: Gold and silver prices opened sharply higher in the key spot markets on Thursday, June 2, 2022.

The opening price for 999 purity gold was Rs 51,080 per 10 grams, up Rs 474 from Wednesday’s closing price of Rs 50,606, while that of 999 purity silver was Rs 61,605 per kg, up Rs 794 from Rs 60,811, 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 August delivery was trading at Rs 51,020.00 per 10 grams, up Rs 155.00 (0.30 per cent) at 3:44 pm while the silver contract for July delivery was at Rs 62,024.00, up Rs 444.00 (0.72 per cent).

In the international market, gold prices rose on Thursday, with greenback-priced bullion drawing on support from slightly lower US Treasury yields and a retreat in the dollar, Reuters reported.

Spot gold was up 0.3 per cent at $1,850.84 per ounce, as of 0719 GMT. US gold futures also climbed 0.3 per cent to $1,855.00, the report said.

Commenting on the gold market, Tapan Patel, Senior Analyst (Commodities) at HDFC Securities said, “Prices have held strong support range despite recent rise in dollar index and bond yields. 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 Aug support lies at Rs 50,600 and resistance at Rs 51,300 per 10 gram.”

Gold, Silver Rates Wednesday: Prices of gold and silver opened sharply lower in the key spot markets on Wednesday, June 1, 2022.

The opening price for 999 purity gold was Rs 50,702 per 10 grams, down Rs 423 from Tuesday’s closing price of Rs 51,125, while that of 999 purity silver was Rs 60,765 per kg, down Rs 556 from Rs 61,321, 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 August delivery was trading at Rs 50,525.00 per 10 grams, down Rs 322.00 (0.63 per cent) at 12:46 pm while the silver contract for July delivery was at Rs 60,876.00, down Rs 249.00 (0.41 per cent).

In the global market, gold hit its lowest in nearly two weeks on Wednesday, although prices were range-bound as safe-haven demand for bullion helped offset some sustained pressure from a firmer dollar and elevated US Treasury yields. A stronger dollar makes bullion more expensive for buyers holding other currencies, while gains in benchmark US 10-year Treasury yields reduce the appeal of zero-yield gold, news agency Reuters reported.

Spot gold was down 0.2 per cent at $1,833.86 per ounce, as of 0425 GMT, after hitting its lowest since May 20 at $1,832.38 earlier in the session. US gold futures fell 0.7 per cent to $1,836.20, the report said.

Commenting on the bullion market, Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart said, “On COMEX, gold prices failed to sustain at $1,860 levels in the latest trading session, resulting in profit booking, and it is currently trading around its support level of $1,835. If it holds these levels, more upside movement towards its resistance level of $1,860 can be expected. Precious metals struggled to hold higher levels on the MCX, with gold prices opening on a negative note, indicating further selling. Gold has a resistance level of Rs 51,200 and a support level of Rs 50,400, while Silver has a resistance level of Rs 61,600 and a support level of Rs 60,000.”

Gold, Silver Rates Tuesday: Gold price opened marginally higher in the key spot markets while silver rates fell sharply on Tuesday, May 31, 2022.

The opening price for 999 purity gold was Rs 51,192 per 10 grams, up Rs 8 from Monday’s closing price of Rs 51,184, while that of 999 purity silver was Rs 61,501 per kg, down Rs 572 from Rs 62,073, 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 51,103.00 per 10 grams, up Rs 188.00 (0.37 per cent) at 1:35 pm while the silver contract for July delivery was at Rs 61,764.00, down Rs 118.00 (0.19 per cent).

In the international market, gold prices dipped on Tuesday as US bond yields and the dollar firmed, with bullion facing a second straight monthly loss for the first time since March 2021. Higher US 10-year Treasury yields lower the appeal of zero-yield gold, while a stronger dollar makes greenback-priced bullion more expensive for overseas buyers, news agency Reuters reported.

Spot gold was down 0.2 per cent at $1,854.20 per ounce, as of 0738 GMT, bringing its monthly loss to 2.2 per cent so far — its biggest decline since last September. US gold futures were nearly flat at $1,858.00, 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 $1,840 and resistance at $1870 per ounce. MCX Gold Aug support lies at Rs 50,800 and resistance at Rs 51,400 per 10 grams.”

Gold, Silver Rates Monday: Gold, Silver Rates Today News Updates: Gold price opened higher in the key spot markets while silver rates slipped on Monday, May 30, 2022.

The opening price for 999 purity gold was Rs 51,295 per 10 grams, up Rs 91 from Friday’s closing price of Rs 51,204, while that of 999 purity silver was Rs 62,462 per kg, down Rs 76 from Rs 62,538, 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 51,041.00 per 10 grams, up Rs 128.00 (0.25 per cent) at 12:58 pm while the silver contract for July delivery was at Rs 62,380.00, up Rs 264.00 (0.43 per cent).

In the global market, gold prices rose on Monday as the US dollar weakened, but recent gains are unlikely to stave off another monthly fall for greenback-priced bullion, news agency Reuters reported.

Spot gold was up 0.4 per cent at $1,860.77 per ounce, as of 0451 GMT. US gold futures also climbed 0.4 per cent to $1,865.00, the report said.

Commenting on the gold market, Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart said, “On COMEX, gold prices recovered from lower levels in the previous session holding the support level of $1,845 where it may test its resistance level of $1,870 supported by the slight cool off in the dollar index. On MCX, Gold opened on a flat note where sideways to upside is expected, having resistance at Rs 51,300 with the support at Rs 50,700. Silver has resistance at Rs 63,000 and having support at Rs 62,000.”