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Gold, Silver Prices Today: Gold inches up Rs 79/10 gm, silver crashes Rs 990/kg

Gold Prices Today, 12 May 2022, Gold, Silver Rates Today: The opening price for 999 purity gold was Rs 51,284 per 10 grams, up Rs 79 from Wednesday’s closing price of Rs 51,205, while that of 999 purity silver was Rs 60,460 per kg, down Rs 990 from Rs 61,450. Read below to find out bullion prices.

By: Express Web Desk | New Delhi |
May 12, 2022 3:11:19 pm
Gold Prices Today, Silver price today newsGold, Silver Prices Today Updates: Gold bars and coins are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, August 14, 2019. (REUTERS/File Photo)

Gold, Silver Rates Today News Updates: Gold prices in the key spot markets of the country opened a tad higher while silver sharply declined on Thursday, May 12, 2022.

The opening price for 999 purity gold was Rs 51,284 per 10 grams, up Rs 451 from Wednesday’s closing price of Rs 51,205, while that of 999 purity silver was Rs 60,460 per kg, down Rs 990 from Rs 61,450, the data available on India Bullion and Jewellers Association’s (IBJA) website showed.

Bullion Purity Opening price (Rs) Previous close (Rs)
Gold 999 51,284 51,205
995 51,079 51,000
916 46,976 46,904
750 38,463 38,404
585 30,001 29,955
Silver 999 60,460 61,450
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 50,770.00 per 10 grams, down Rs 52.00 (0.10 per cent) at 2:46 pm while the silver contract for July delivery was at Rs 60,150.00, down Rs 602.00 (0.99 per cent).

In the international market, gold prices wobbled in choppy trade on Thursday, as the dollar hit a 20-year high, balancing support from lower Treasury yields, after monthly US inflation data signalled the Federal Reserve would likely stick to its aggressive rate-hike roadmap, news agency Reuters reported.

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Spot gold edged down 0.1 per cent to $1,850.81 per ounce by 0809 GMT. US gold futures were down 0.2 per cent at $1,850.80, the report said.

Commenting on the movement in the gold market, Tapan Patel, Senior Analyst (Commodities) at HDFC Securities said, “Gold prices witnessed knee-jerk reaction post US inflation data which slightly rose in the month of April. The dollar and US bond yields responded to the record inflation numbers limiting downside in gold. The fall in equity indices and plunge in crypto currencies also supported gold prices to hold grounds near $1,850 per ounce. We expect gold prices to trade sideways to down for the day with COMEX spot gold support at $1,830 and resistance at $1,870 per ounce. MCX Gold June support lies at Rs 50,500 and resistance at Rs 51,200 per 10 grams.”

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