Gold became dearer in Tuesday’s early trade while the price of silver remained unchanged. Ten grams of 24-carat gold was trading at Rs 56,290, after an increase of Rs 330. Silver was selling at Rs 71,800.
22-carat gold was selling at Rs 51,600 per 10 grams, according to the GoodReturns website.
In Mumbai, Kolkata, and Hyderabad, 10 grams of 24-carat and 22-carat gold were selling at Rs 56,290 and Rs 51,600, respectively.
In Delhi, 10 gram of 24-carat and 22-carat gold were trading at Rs 56,440 and Rs 51,750, respectively. In Chennai, 10 gram of 24-carat and 22-carat gold was selling at Rs 57,380 and Rs 52,600, respectively.
Gold prices inched lower on Tuesday as the US dollar witnessed an uptick, with traders largely focusing on Federal Reserve Chair Jerome Powell’s speech for insights into the central bank’s rate hike path.
Spot gold was down 0.2 per cent at $1,868.85 per ounce, as of 0033 GMT. US gold futures also slipped 0.2 per cent to $1,873.10.
Elevated interest rates dull gold’s appeal as an inflation hedge and raise the opportunity cost of holding the non-yielding asset.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.2% to 915.32 tonnes on Monday.
In Delhi, Mumbai, and Kolkata, one kg of silver is trading at Rs 71,800 today. In Chennai, Bengaluru, and Hyderabad, the metal is selling at Rs 74,900 per kg.
Spot silver lost 0.1 per cent to $23.61, while platinum fell 0.1 per cent to $1,077.32 and palladium was flat at $1,775.40.
(With inputs from Reuters)