Gold, silver price on May 13: Yellow metal sees sharp drop

The price of gold and silver witnessed a sharp low in the key spot markets of the country today. The opening price for 999 purity gold was set at Rs 50,387 per 10 grams. This is Rs 731 from yesterday’s closing price that stood at Rs 51,118. According to the data shared on website of India Bullion and Jewellers Association, the price of 999 purity silver was Rs 59, 207 per kg which is Rs 589 down from the Rs 59,796 on Thursday.

Also, READ: Bomb scare or firecracker scare? Here’s what happened at Pune’s Railway Station today

As per the Multi Commodity Exchange of India (MCX), the gold contract for June delivery was trading at Rs 50,145.00 per 10 grams, which is Rs 29.00 (0.06 per cent) down at 3.15 pm.

Meanwhile, silver contract for July delivery stood at Rs 59,023.00, which is Rs 272.00 up than earlier.

The gold prices touched almost a three-month low today. Following this, the yellow metal is set to witness its fourth straight weekly fall. According to Reuters, this is because the strongest dollar in two decades has reduced the demand for greenback-priced bullion.

Speaking of choppy trade, the spot gold was up 0.1 per cent at $1,823.40 per ounce, as of 0804 GMT. It had earlier hit its lowest in February 7.

As per the Senior Commodity Research Analyst at Swastika Investmart – Nirpendra Yadav, the “gold prices are likely to continue lower in today’s session, and any price rise towards resistance levels could be a selling opportunity. Gold faces resistance at Rs 50,700 and support at Rs 50,000, with a drop to Rs 49,500 levels possible. Silver has Rs 58,000 as support and Rs 60,500 as resistance.”

Here are all details about gold and silver price as shared by IBJA