Gold tumbles Rs 62/10 gm, silver drops Rs 206/kg

Gold and silver prices began the day down in the key spot markets, on June 21, 2022.

The price of 999 pure gold opened at Rs 50,943 per 10 grams, taking a drop of Rs 62 from Friday’s closing of Rs 51,005, while that of 999 purity silver was Rs 60,773 per kg, down Rs 206 from Rs 60,979, the date available on India Bullion and Jewellers Association’s (IBJA) website showed.

On the Multi Commodity Exchange of India, the gold contract for August delivery was trading at Rs 50,715.00 per 10 grams, down Rs 20.00 (0.04 %), at 12:58 PM, while that of silver for July delivery was at Rs 60,727.00 per kg, down Rs 17.00 (0.03%).

In the international market, gold prices remained unchanged on Tuesday as investors focused on major central banks’ stance on interest rate hikes, in order to obtain a better picture of the bullion market, news agencies reported.

Spot gold was steady at $1,838.26 per ounce by 0502 GMT, after trading largely range-bound on Monday. US gold futures were little changed at $1,839.90, the report said.

Commenting on the bullion market, Tapan Patel, Senior Analyst at HDFC Securities said, “Gold prices got support from a weaker dollar and lower bond yields. Gold prices may attract safe-haven buying over weak equity indices and recession worries. The global equity markets were down over concerns that tightening monetary policies might slow economic growth. We expect gold prices to trade sideways to up for the day with COMEX spot gold support at $1820 and resistance at $1850 per ounce. MCX Gold Aug support lies at Rs. 50,600 and resistance at Rs. 51,100 per 10 grams.”