Gold and silver became dearer in Thursday’s early trade with ten grams of the yellow metal (24-carat) trading at Rs 54,650, after a rise of Rs 540. Silver, on the other hand, is trading at Rs 70,100 per kg today, after its price rose by Rs 800.
Ten gram of 22-carat gold is trading at Rs 50,100 today, according to the GoodReturns website.
In Mumbai, Kolkata, Hyderabad, Kerala, and Pune, 10 grams of gold (24-carat and 22-carat) was selling at Rs 54,650, and Rs 50,100, respectively.
In Delhi, 24-carat and 22-carat gold was trading at Rs 54,820, and Rs 50,250, respectively. In Chennai, 10 grams of 24-carat and 22-carat gold are trading at Rs 55,830 and Rs 51,180, respectively.
Gold edged up on Thursday, helped by a softer dollar in holiday-thinned trading, but prices moved in a tight range as market participants awaited economic data for further direction.
Spot gold rose 0.2% to $1,818.40 per ounce as of 0225 GMT. U.S. gold futures were up 0.1% at $1,827.70.
The dollar index was down 0.2%, making gold cheaper for holders of other currencies.
The US gross domestic product data for the third quarter and weekly US jobless claim numbers are due at 1330 GMT. Traders will also scan the personal consumption expenditure (PCE) data scheduled on Friday, for cues on inflation.
“Gold is holding a range as trading is fairly thin and investors are in wait-and-see mode. The PCE data will be important; if inflation continues to come down, dollar will further weaken and gold will get a steadier tone,” said Edward Meir, analyst with ED&F Man Capital Markets.
Bullion is traditionally known as an inflation hedge but rising interest rates dent the metal’s allure as it pays no interest.In Mumbai, Delhi, and Kolkata, one kg of silver is trading at Rs 70,100 per kg today. Meanwhile, in Chennai, Bangalore and Hyderabad, silver is selling at Rs 74,700 per kg.Spot silver gained 0.2% to $24.00, platinum rose 0.9% to $1,007.13 and palladium was flat at $1,692.38(With Reuters inputs)