Both gold and silver were trading on the lower side of the Multi Commodity Exchange (MCX) on Wednesday, May 18.
Recording a dip of Rs 274 or 0.55 per cent, gold futures, maturing on June 3, 2022, stand at Rs 50,120 per 10 grams on the MCX on Wednesday.
Meanwhile, silver futures, maturing on July 5, 2022, witnessed a downfall of Rs 508 or 0.83. Silver is retailing at Rs 60,752 per kg on the MCX.
INTERNATIONAL GOLD SILVER RATES
As per the report by Reuters, gold fell, pressured by robust U.S. retail sales data and expectations of aggressive interest rate hikes, although a pullback in the dollar limited losses.
Meanwhile, spot gold fell 0.5 per cent to $1,815.19 per ounce by 2:40 p.m. ET (1840 GMT), while U.S. gold futures settled up 0.3 per cent at $1,818.9.
U.S. retail sales increased strongly in April, suggesting demand was holding strong despite high inflation and assuaging some fears that the economy was heading into a recession.
Reflecting investor sentiment, holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, were at their lowest since early March.
However, spot silver fell 0.4 per cent to $21.52 per ounce.
GOLD AND SILVER PRICES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 46,560 | Rs 61,200 |
| MUMBAI | Rs 46,560 | Rs 61,200 |
| KOLKATA | Rs 46,560 | Rs 61,200 |
| CHENNAI | Rs 47,650 | Rs 65,600 |
