Gold slips Rs 77/10g while Silver falls Rs 333/kg; Here’s how much it costs

Gold and Silver Prices Today News Updates: Gold and Silver prices opened lower in India’s major spot markets on Friday, June 24, 2022.

The 999 purity gold opened at Rs 50,776 per 10 grams, falling Rs 77 from Thursday’s close of Rs 50,853, while the 999 purity silver was at Rs 59,666 per kg, down Rs 333 from Rs 59,999, the data available for India Bullion and The Jewelers Association (IBJA) website was displayed.

gold bar purity Opening Price (Rs) Previous Close (Rs)
gold 999 50,776 50,853
995 50,573 50,649
916 46,511 46,581
750 38,082 38,140
585 29,704 29,749
Silver 999 59,666 59,999
Source: India Bullion and Jewelers Association (IBJA)

On the Multi Commodity Exchange of India (MCX), the gold contract for August delivery was trading at Rs 50,547.00 per 10 grams was down 47 rupees (0.09 percent) as of 12:53 p.m., while the silver contract for July delivery was trading at 0.00 rupees 59,1700.00 per kg, down Rs.334 (0.56 percent) at the same time.

In the global market, gold prices were flat on Friday but on course for their second straight weekly decline, amid concerns over major central banks potentially conducting large rate hikes to curb runaway inflation weighing on precious metals demand, the news agency said Reuters reported.

Spot gold was little changed at $1,822.70 an ounce by 0724 GMT after hitting a weekly low of $1,820.99 earlier in the session. U.S. gold futures fell 0.3 percent to $1,824.10, the report said.

Commenting on precious metals prices, Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart, said: “As the US Dollar Index rose 0.25 percent and selling pressure on higher levels due to aggressive monetary policy from the US Federal Reserve is evident, the Gold Price Comex holds its support level. However, the benchmark Treasury yield continued to decline on Tuesday, falling 3.5 percent and supporting gold prices at lower levels. When prices move towards resistance levels, selling pressure can be seen at higher levels. Gold’s MCX resistance sits at Rs 51,100 while its MCX support sits at Rs 50,200. Silver support is at 59,000 rupees while resistance is at 60,500 rupees.”

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