Gold descends Rs 150/10 gm, here’s what it cost

Gold and silver rates today: Gold and silver prices opened lower in the major spot markets on Wednesday, June 22, 2022.

The price of 999 purity gold initially retailed at Rs 50,764 per 10 grams, dropping a total of Rs 150 from Tuesday’s closing price of Rs 50,914. Simultaneously, 999 purity silver opened at Rs 60,383 per kg, down Rs 694 from the previous day’s closing price of Rs 61,077, the data available on India Bullion and Jewellers Association’s (IBJA) website showed.

Bullion Purity Opening price (Rs) Previous close (Rs)
Gold 999 50764 50914
995 50561 50710
916 46500 46637
750 38073 38186
585 29697 29785
Silver 999 60383 61077
Source: India Bullion and Jewellers Association (IBJA)

On the Multi Commodity Exchange of India, the gold contract for August delivery was trading at Rs 50,630.00 per 10 grams, down Rs 130.00 (0.26 %), at 01:14 PM, while that of silver for July delivery was at Rs 60,371.00 per kg, down Rs 900.00 (1.47%).

In the global market, gold prices declined on Wednesday as the dollar strengthened, but the metal was still trading in a constrained range as investors anticipated new clues from major central banks regarding their monetary policy plans, particularly the US Federal Reserve, news agency Reuters reported.

Spot gold fell 0.3% to $1,826.41 per ounce by 0528 GMT, extending losses to a fourth straight session. US gold futures dropped 0.6% to $1,827.40, the report said.

Commenting on the bullion market, Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart said, “Gold is trading in the range of $1,860-$1,800 on COMEX, which acts as immediate resistance and support respectively where sell on rise and buy on dips can be followed. Gold remained marginally up in the previous session while silver gained more than 1%. However, a firmer US bond yield capped the gain of gold. On MCX also, it is trading in the range where gold has support at Rs 50,600 and prices are hovering above 100 DEMA. It has resistance at Rs 51,300. Silver has support at Rs 60,800 and resistance at Rs 62,000.”

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