Gold and Silver Price Updates Today: Gold and silver prices began to notice weakly in the major spot markets, on Thursday, June 23, 2022.
The opening price of 999 pure gold was Rs 50,994 per 10 grams, down 161 rupees from Wednesday’s closing price of 51,155 rupees, while the price of 999 pure gold was Rs 60,409 per kilogram, down 335 rupees from 60,744 rupees. The Jewelers Association (IBJA) website.
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|Source: Indian Bullion and Jewelery Association (IBJA)|
The gold contract for August delivery was traded on the Multi Commodity Exchange of India at Rs 50,898.00 per 10 grams, down Rs 6.00 (0.01%) at 01:23 pm, while the silver contract for July delivery was at Rs 60,368 per kilogram, down Rs 280 (0.46%).
Reuters news agency reported that gold prices fell in the international market on Thursday, affected by expectations of significant increases in interest rates, after the head of the US Federal Reserve doubled the efforts of the central bank against inflation.
And spot gold fell 0.2 percent to $ 1834.33 an ounce by 0733 GMT. The report said US gold futures fell 0.1 percent to $1,835.60.
Commenting on gold prices, Taban Patel, chief commodity analyst at HDFC Securities, said, “The yellow metal has kept range-bound trading below $1,840 amid expectations of Fed rate hikes and recession fears. Gold prices got some relief with the dollar lower Stock indices are weak Prices expected to trade in current range with no new catalysts Expect gold prices to trade sideways today with COMEX Gold spot support at $1,820 and resistance at $1850 an ounce MCX Gold August support at Rs 50,600 and resistance at Rs 51,300 per 10 grams.”