Gold, Silver Rates Today News Updates: Prices of gold and silver in the key spot markets of the country opened sharply lower on Wednesday, May 11, 2022.
The opening price for 999 purity gold was Rs 51,045 per 10 grams, down Rs 451 from Tuesday’s closing price of Rs 51,496, while that of 999 purity silver was Rs 60,733 per kg, down Rs 740 from Rs 61,473, the data available on India Bullion and Jewellers Association’s (IBJA) website showed.
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| Bullion | Purity | Opening price (Rs) | Previous close (Rs) |
| Gold | 999 | 51,045 | 51,496 |
| 995 | 50,841 | 51,290 | |
| 916 | 46,575 | 47,170 | |
| 750 | 38,284 | 38,622 | |
| 585 | 29,861 | 30,125 | |
| Silver | 999 | 60,733 | 61,473 |
On the Multi Commodity Exchange of India (MCX), the gold contract for June delivery was trading at Rs 50,642.00 per 10 grams, up Rs 56.00 (0.11 per cent) at 1:16 pm while the silver contract for July delivery was at Rs 60,900.00, up Rs 282.00 (0.47 per cent).
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In the global market, gold touched a three-month low on Wednesday as an elevated dollar held down prices while investors await US monthly inflation data, which might impact the Federal Reserve’s monetary policy stance and demand for bullion, news agency Reuters reported.
Spot gold held its ground at $1,838.55 per ounce, as of 0546 GMT, after falling to its lowest since Feb. 11 earlier in the session, as a relatively strong dollar made greenback-priced bullion less attractive for overseas buyers. US gold futures dipped 0.2 per cent to $1,836.60, the report said.
Commenting on the movement in the gold market, Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart said, “As investors await US CPI data, day trend in gold and silver may remain range-bound to the downside. Gold has a support level of Rs 50,000 and a resistance level of Rs 51,200. Silver has a Rs 60,000 support level and a Rs 62,000 resistance level.”
