Gold prices remained unchanged on Wednesday, with 10 grams of the yellow metal (24-carat) trading at Rs 56,950. The price of silver fell by Rs 600 per kilogram from yesterday’s close. The precious metal was selling at Rs 71,900 per kg.
22-carat gold continued trading at yesterday’s close of Rs 52,200, according to the GoodReturns website.
In Mumbai, Kolkata, and Hyderabad, 10 gram of 24-carat and 22-carat gold was selling at Rs 56,950 and Rs 52,200, respectively.
In Delhi, 10 grams of 24-carat and 22-carat gold was trading at Rs 57,100 and Rs 52,350, respectively. In Chennai, 10 gram of 24-carat and 22-carat gold was selling at Rs 57,870 and Rs 53,050, respectively.
Gold prices inched lower on Wednesday as the US dollar firmed, while expectations of a slowdown in the pace of Federal Reserve interest rate hikes limited the losses.
Spot gold dipped 0.3 per cent to $1,902.79 per ounce, as of 0256 GMT. US gold futures fell 0.2% to $1,906.00.
The dollar index was up 0.3 per cent. A stronger dollar tends to make gold more expensive for buyers holding other currencies.
“Gold is going to bounce around the $1,900 level in the near term. I don’t think we are going to see any big moves and it will be stuck in a neutral zone,” said Edward Meir, a metals analyst at Marex.
“Market focus is going to be on economic data. If the narrative continues to be that inflation is cooling and interest rates will come down, then it will be bullish for gold.” Investors will keep an eye out for the US producer price index (PPI) and retail sales data due later in the day.
In Delhi, Mumbai, and Kolkata, 1 kg of silver is trading at Rs 71,900, while in Chennai and Hyderabad it is selling at Rs 75,300.
Spot silver fell 0.1 per cent to $23.90 per ounce, platinum lost 0.6 per cent to $1,033.06 and palladium dropped 0.2 per cent to $1,740.30.
(With Reuters inputs)