Gold and silver prices remaine unchanged in Tuesday’s early trade with 10 gram of the yellow metal (24-carat) trading at Rs 50,200, according to the Good Returns website. Silver is trading at Rs 56,300 per kg. Meanwhile, ten grams of 22-carat gold is trading at Rs 46,000.
In Mumbai and Kolkata, 24-carat gold is selling at Rs 50,200 per 10 gram, while 22-carat gold is trading at Rs 46,000, respectively. In Delhi, 24-carat and 22-carat gold are trading at Rs 50,350 and Rs 46,150 per 10 gm, respectively.
In Chennai, 24-carat and 22-carat gold is trading at Rs 50,740 and Rs 46,510, respectively.
Gold prices rose on Tuesday as the dollar’s rally paused, but prices held close to a 2-1/2-year low on expectations of further policy tightening by the U.S. Federal Reserve in its efforts to quell soaring inflation. Spot gold gained 0.6 per cent at $1,631.89 per ounce, as of 0103 GMT. Prices hit their lowest level since April 2020 at $1,620.20 on Monday. The US gold futures rose 0.3 per cent to $1,638.1.
Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.40 per cent to 943.47 tonnes on Monday from 947.23 tonnes on Friday.
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 56,300. In Chennai, Bengaluru, and Hyderabad, one kg of silver is selling at Rs 60.700.
Spot silver fell 1 per cent at $18.52 per ounce.