Gold, Silver Prices Today: Gold rises Rs 330/10 gm, silver climbs Rs 768/kg

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Gold, Silver Rates Today News Updates: Prices of gold and silver opened sharply higher in the key spot markets of the country on Friday, May 20, 2022.

The opening price for 999 purity gold was Rs 51,012 per 10 grams, up Rs 330 from Thursday’s closing price of Rs 50,682, while that of 999 purity silver was Rs 61,855 per kg, up Rs 768 from Rs 61,087, 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 50,700.00 per 10 grams, up Rs 156.00 (0.31 per cent) at 2:54 pm while the silver contract for July delivery was at Rs 61,902.00, up Rs 338.00 (0.55 per cent).

In the global market, gold prices firmed on Friday and were poised for their first weekly gain since mid-April as a pullback in the dollar from two-decade highs and deepening concerns over US economic growth burnished the metal's safe-haven appeal, news agency Reuters reported.

Spot gold was up 0.2 per cent at $1,844.48 per ounce by 0751 GMT, after rising as much as 1.9 per cent in the previous session. US gold futures were nearly flat at $1,840.80, the report said.

Commenting on the gold market, Tapan Patel, Senior Analyst (Commodities) at HDFC Securities said, "Gold prices kept firm trading set for the first weekly gain since April with dollar decline and fall in US bond yields. The dollar index fell to 103 mark while 10 year US Treasury yields fell to 2.86 per cent. The global economic growth worries are weighing on dollar despite of hawkish FED. The higher inflation may continue to support gold prices for medium term. We expect gold prices to trade sideways to up for the day with COMEX spot gold support at $1,820 and resistance at $1,870 per ounce. MCX Gold June support lies at Rs 50,400 and resistance at Rs 51,000 per 10 gram."