Gold up Rs 330/10g, Silver up Rs 768/kg

The opening price for 999 pure gold was 51,012 rupees per 10 grams, 330 rupees more than Thursday’s closing price of 50,682 rupees, while that for 999 pure silver was 61,855 rupees per kg, 768 rupees more than 61,087 rupees, the data published on India Bullion are available and displayed on the Jewelers Association (IBJA) website.

On the Multi Commodity Exchange of India (MCX), the gold contract for June delivery was trading at Rs 50,700.00 per 10 grams, up Rs 156.00 (0.31 percent) at 2:54 p.m., while the silver contract for July delivery was Rs 61,902.00, down to Rs 338.00 (0.55 percent).

In the global market, gold prices firmed on Friday and was poised for its first weekly gain since mid-April, as a pullback in the dollar from two-decade highs and mounting concerns about US economic growth weighed on the metal’s safe-haven appeal revamped, according to the news agency Reuters reported.

Spot gold was up 0.2 percent to $1,844.48 an ounce by 0751 GMT after rising as much as 1.9 percent in the previous session. U.S. gold futures were almost unchanged at $1,840.80, the report said.

Commenting on the gold market, Tapan Patel, Senior Analyst (Commodities) at HDFC Securities said: “Gold prices held up trading awaiting their first weekly gain since April as the dollar declined and US bond yields fell. The dollar index fell to 103 marks, while 10-year US Treasury yields fell to 2.86 percent. Concerns about global economic growth are weighing on the dollar despite the restrictive Fed. The higher inflation should continue to support the price of gold in the medium term. We expect gold prices to trade sideways and higher throughout the day with COMEX spot gold support at $1,820 and resistance at $1,870 an ounce. MCX Gold June support stands at 50,400 rupees and resistance at 51,000 rupees per 10 grams.”