Gold, Silver Prices Today: Gold slips Rs 98/10 gm, silver gains Rs 577/kg

Gold prices opened a tad lower while that of silver rose sharply in the key spot markets of the country on Monday, May 16, 2022.

The opening price for 999 purity gold was Rs 50,367 per 10 grams, down Rs 98 from Friday’s closing price of Rs 50,465, while that of 999 purity silver was Rs 59,683 per kg, up Rs 577 from Rs 59,106.

On the Multi Commodity Exchange of India (MCX), the gold contract for June delivery was trading at Rs 49,878.00 per 10 grams, up Rs 5.00 (0.01 per cent) at 3:17 pm while the silver contract for July delivery was at Rs 59,770.00, up Rs 438.00 (0.74 per cent).

In the international market, gold prices fell more than 1 per cent on Monday to their lowest level since late January, as a stronger dollar continued to hammer demand for greenback-priced bullion, news agencies reported.

Spot gold fell 0.8 per cent to $1,797.82 per ounce, by 0815 GMT. US gold futures dropped 0.6 per cent to $1,797.40,the report said.

Commenting on the gold market, Tapan Patel, Senior Analyst (Commodities) at HDFC Securities said, “The traders and investors weighed on aggressive rate hike in coming months while weaker Chinese Yuan is also boosting buying in dollar lowering demand for gold. The dollar index was trading off to 20 years highs on Monday. We expect gold prices to trade sideways to down for the day with COMEX spot gold support at $780 and resistance at $1,810 per ounce. MCX Gold June support lies at Rs 49,400 and resistance at Rs 50,200 per 10 gram.”