Gold inches up Rs 7/10 gm, silver slips Rs 178/kg

Prices of gold in the key spot markets of the country opened marginally higher while that of silver slipped on Monday, May 9, 2022.

The opening price for 999 purity gold was Rs 51,699 per 10 grams, up Rs 7 from Friday’s closing price of Rs 51,692, while that of 999 purity silver was Rs 62,352 per kg, down Rs 178 from Rs 62,530, the data available on India Bullion and Jewellers Association’s (IBJA) website showed.

On the Multi Commodity Exchange of India (MCX), the gold contract for June delivery was trading at Rs 51,061.00 per 10 grams, down Rs 282.00 (0.55 per cent) at 3:47 pm while the silver contract for July delivery was at Rs 61,930.00, down Rs 618.00 (0.99 per cent).

In the international markets, gold prices retreated 1 per cent on Monday as a firmer dollar and elevated US Treasury yields weighed on the appeal of non-yielding bullion, news agencies reported.

Spot gold was down 1 per cent at $1,864.43 per ounce by 0936 GMT. US gold futures also fell 1 per cent to $1,873.20, the report said.