Gold, Silver Prices Today, May 12: Gold and silver prices were on Friday trading lower in the futures trade. On the MCX, gold was down by 0.27 per cent to Rs 60,725 per 10 grams for the June 2023 contracts, while silver was lower by 1.03 per cent to Rs 73,050 per kg for the July 2023 contracts.
Prathamesh Mallya, deputy vice-president (research) for non-agro commodities and currencies of Angel One, said, “Gold prices extend the weakness for yet another day, as it slipped over half a percentage to conclude at $2,015.5 per ounce. On Thursday, gold fell as the rival safe-haven dollar rose and overshadowed bullion’s exposure to lingering economic uncertainties.”
He added that gold rose as data showed an increase in weekly jobless claims and the weakest annual gain in producer prices in over two years last month.Data released on Wednesday indicated that the annual growth in US consumer prices dropped to less than 5 per cent in April for the first time in two years, but remained considerably above the Fed’s 2 per cent objective.
In the international market also, gold was trading lower by 0.34 per cent to $2,008.70 an ounce, while silver was also down by 0.93 per cent to trade at $24.02 an ounce.
“We expect gold to trade lower towards 60,380 levels, a break of which could prompt the price to move lower to 60,020 levels,” Mallya said.
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