Gold prices remained unchanged in Monday’s early trade with 10 gram of the yellow metal (24-carat) trading at Rs 51,000. On the other hand, the price of silver decreased by Rs 5,400 per kg with the metal trading at Rs 55,000.
Ten grams of 22-carat gold is trading at Rs 46,750 today.
In Mumbai and Kolkata, 24-carat gold is selling at Rs 51,000 per 10 gram, while 22-carat gold is trading at Rs 46,750 in the respective cities. In Delhi, 24-carat and 22-carat gold are trading at Rs 51,150 and Rs 46,900 per 10 gm, respectively.
In Chennai, 24-carat and 22-carat gold is trading at Rs 51,710 and Rs 47,400, respectively.
Gold was hovering at $1,714 an ounce after hitting a low of $1,690 last week. The US gold prices rose on Friday helped by a dip in the dollar, but expectations of more interest rate hikes capped further gains as US Federal Reserve Chair Jerome Powell reiterated the central bank’s commitment to tame inflation.
Even though gold is seen as a hedge against inflation, higher interest rates increase the opportunity cost of holding bullion and boost the dollar.
Meanwhile, 1 kg of silver in Mumbai, Delhi and Kolkata was trading at Rs 55,000. In Chennai, Bengaluru, Hyderabad, one kg of silver is selling at Rs 60,400.