Both gold and silver prices witnessed a fall in early trade on Friday. Gold price fell by Rs 110, with ten grams of the yellow metal (24-carat) trading at Rs 54,600. Silver prices, on the other hand, fell Rs 2,000 from yesterday’s close, and was selling at Rs 70,300 per kg.
Ten gram of 22-carat gold is selling at Rs 50,050, according to the GoodReturns website.
In Mumbai, Kolkata, and Hyderabad, 10 gram of 24-carat and 22-carat gold is selling at Rs 54,600 and Rs 50,050, respectively.
In Delhi, 10 gram of 24-carat and 22-carat gold is trading at Rs 54,750 and Rs 50,200, respectively. In Chennai, 10 gram of 24-carat and 22-carat gold is selling at Rs 55,580 and Rs 50,950 respectively.
Gold held steady on Friday, but was headed for a second straight yearly loss as aggressive rate hikes by the US Federal Reserve dented the non-yielding bullion’s appeal.
US spot gold was little changed at $1,815.20 per ounce as of 0042 GMT. US gold futures fell 0.2 per cent to $1,821.90.
Bullion was headed for an annual decline of 0.7 per cent as the Fed’s hefty interest rate hikes boosted the dollar and made gold expensive for holders of foreign currencies. The dollar index eyed an yearly rise of more than 8 per cent.
However, gold prices have risen nearly $200 from a more than two-year low hit in September on hopes that the US central bank might slow its pace of rate hikes.
The Fed raised interest rates by 50 basis points (bps) in December after four consecutive increases of 75 bps each.
Higher rates increase the opportunity cost of holding gold as it pays no interest.
China’s net gold imports via Hong Kong slipped to their lowest level in six months in November, official data showed on Thursday.In Delhi, Mumbai, and Kolkata, 1 kg of silver is currently trading at Rs 70,300, whereas, 1 kg of silver is selling at Rs 74,000 in Chennai.
Spot silver rose 0.1 per cent to $23.88, platinum slipped 0.6 per cent to $1,048.57 and palladium lost 0.1 per cent to $1,812.36.
Silver and platinum were both headed for an yearly rise, while palladium was headed for an annual decline of over 4 per cent.
(With Reuters inputs)
