Gold prices down by Rs 10 on RBI rate hike fears, silver remains unchanged

The price of gold went down slightly on Monday, by Rs 10 per 10 gram as the precious metal’s outlook remained vulnerable to expected rate hikes by the central bank as monetary policy committee meet is due this week.

Silver, meanwhile, remained unchanged to trade at Rs 61,700 per kg on Monday.

10 gram of 24-carat of gold is trading at Rs 52,090, while 22-carat gold is selling at Rs 47,740.

Investments in gold increase amid economic crisis, as investors consider it as a safe-haven asset.

The price of 10 gram of 24 carat gold in Delhi, Mumbai, Bangalore, Hyderabad, Kolkata, and Chennai is Rs 52,090 for the day.

The price of 10 gram of 22 carat gold in Delhi, Mumbai, Bangalore, Hyderabad, Kolkata, and Chennai is Rs 47,740.

Spot gold was up 0.2 per cent at $1,871.69 per ounce, as of 0048 GMT, its highest since May 9. have risen about 1 per cent this week. The price of gold varies for different regions based on certain parameters such as the excise duty, making charges and the state taxes.

The price of 1 kg of silver in Delhi, Mumbai and Kolkata is Rs 61,700. In Chennai, Bengaluru and Hyderabad, the metal is trading at Rs 67,500 per kg for the day.

Spot silver climbed 1.5% to $22.24 per ounce and palladium added 1.6% to $2,007.18.

(With inputs from Reuters)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link

Recent Posts

Scan to Download
ios&Android APP

Open trading account and start trading!

Join our happy customers