Yellow metal edges lower and so does silver

Update gold and silver price news today: Gold and silver prices opened lower in major spot markets on Thursday.

999 purity gold opened at Rs 50,970 per 10 grams, bringing Rs 189 down from Wednesday’s closing price of Rs 51,159, while 999 purity silver opened at Rs 59,500. per kilogram, down 353 rupees from the previous day’s closing price of 59,853 rupees, data available on the Indian Bullion Industry Association (IBJA) website showed.

alloy purity Opening Price (Rs.) Previous Close (Rs.)
He went 999 50970 51159
995 50766 50954
916 46,689 46862
750 38228 38369
585 29817 29928
silver 999 59500 59853
Source: Indian Gold Bullion and Jewelery Association (IBJA)

The gold contract for August delivery was traded at Rs 50710.00 Per 10gm, down Rs 19.00 (0.04 %)At 12:37 PM on the Multi Commodity Exchange of India (MCX), the silver contract for July delivery was trading at Rs. 59,258.00 per kilogram, the highest rupee 197.00 (0.33 %) at 12:38 PM.

In the global market, gold was mostly quiet on Thursday, but faced its worst quarter since early 2021, as a brilliant offer of the dollar frustrated investors, as bullion expectations were clouded by major central banks adopting tough tactics to fight stubborn inflation, According to Reuters news agency. mentioned.

Spot gold settled at $1,817.01 an ounce by 0615 GMT. The report said US gold futures were little changed at $1,816.90.

Commenting on gold prices, Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart, said, “In Comex, gold is hovering around its $1,820 support level, where a bullish sell-off presents an opportunity and in the near term, it may test $1800 levels. In the last trading session, Precious metals prices remained volatile during the “policy board.” The dollar, which moves opposite to gold prices, rose near 0.44% while the US Treasury yield fell 3%.

Precious metals prices may remain low today and selling pressure is expected if the price rises towards resistance levels. On MCX, there is gold resistance at 51200 and support at 50400. Silver September contract resistance is found at 61300 and support at 58900.”

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