Gold crashes Rs 731/10 gm, silver slips Rs 589/kg

Gold, Silver Rates Today News Updates: Prices of gold and silver opened sharply lower in the key spot markets of the country on Friday, May 13, 2022.

The opening price for 999 purity gold was Rs 50,387 per 10 grams, down Rs 731 from Thursday’s closing price of Rs 51,118, while that of 999 purity silver was Rs 59,207 per kg, down Rs 589 from Rs 59,796, the data available on India Bullion and Jewellers Association’s (IBJA) website showed.

Bullion Purity Opening price (Rs) Previous close (Rs)
Gold 999 50,387 51,118
995 50,185 50,913
916 46,154 46,824
750 37,790 38,339
585 29,476 29,904
Silver 999 59,207 59,796
Source: India Bullion and Jewellers Association (IBJA)

On the Multi Commodity Exchange of India (MCX), the gold contract for June delivery was trading at Rs 50,145.00 per 10 grams, down Rs 29.00 (0.06 per cent) at 3:15 pm while the silver contract for July delivery was at Rs 59,023.00, up Rs 272.00 (0.46 per cent).

In the global market, gold prices hovered near a three-month low on Friday and were set for their fourth straight weekly fall, as the strongest dollar in two decades dampened demand for greenback-priced bullion, news agency Reuters reported.

Spot gold was up 0.1 per cent at $1,823.40 per ounce, as of 0804 GMT, in choppy trade. Earlier in the session, it hit its lowest since Feb. 7. US gold futures were flat at $1,824.60, the report said.

Commenting on the gold market, Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart said, “Technically, gold prices are likely to continue lower in today’s session, and any price rise towards resistance levels could be a selling opportunity. Gold faces resistance at Rs 50,700 and support at Rs 50,000, with a drop to Rs 49,500 levels possible. Silver has Rs 58,000 as support and Rs 60,500 as resistance.”

Leave a Comment