Gold and silver rate update today: Gold and silver prices opened lower in the nation’s major spot markets on Tuesday, June 28, 2022.
The opening price of 999 purity gold was Rs 51,039 per 10 grams, down Rs 55 from Monday’s closing price of Rs 51,094, while 999 purity silver opened at Rs 60,488 per kg, taking a drop of Rs 344 from at Rs 60,832, the data available on the India Bullion and Jewelers Association (IBJA) website showed.
|Ingots||Purity||Opening price (Rs)||Previous close (Rs)|
|Source: Indian Bullion and Jewelers Association (IBJA)|
On the Multi Commodity Exchange of India (MCX), the gold contract for August delivery was trading at Rs 50,910.00 for 10 grams, up to Rs 261.00 (0.52 %) at 1:53 p.m., while the July silver delivery contract for 60,428.00 per kg, up to Rs 482.00 (0.8 %) at 1:54 p.m.
In the global market, gold prices edged higher on Tuesday as U.S. Treasury yields weakened, but the lack of catalysts acting in the market kept investors away, according to the report. Press Agency Reuters reported.
Spot gold rose 0.2% to $1,825.99 an ounce at 0536 GMT. U.S. gold futures firmed 0.1% to $1,827.30, according to the report.
Commenting on bullion prices, Tapan Patel, Principal Analyst (Commodities) at HDFC Securities, said, “Gold prices traded firm with COMEX spot gold prices trading up 0.28 % near $1,827 an ounce on Tuesday. The Gold Aug futures contract at MCX was trading 0.47% up almost 50,889 rupees for 10 grams at midday. Gold prices held within a trading range on global indices mixed on fears of a slowdown and expectations of a bigger rate hike from the US Fed. Weak equity indices and a possible ban on Russian gold limited the decline in gold prices while the dollar remained stable. We expect gold prices to trade sideways for the day with COMEX spot gold support at $1,810 and resistance at $1,840 per ounce. The MCX Gold Aug support stands at Rs 50,500 and the resistance at Rs 51,200 per 10 grams.