Gold prices went down in Wednesday’s early trade with ten grams of the yellow metal (24-carat) at Rs 52,750, after a decrease of Rs 170. Silver prices, on the other hand, increased by Rs 600 from yesterday’s closing price with 1 kg of the precious metal selling at Rs 61,200.
Ten grams of 22-carat gold is trading at Rs 48,350 today, after a decrease of Rs 150, according to the GoodReturns website.
In Mumbai, Kolkata, and Hyderabad, ten grams of gold (24-carat and 22-carat) are selling at Rs 52,750, and Rs 48,350.
In Delhi, 24-carat and 22-carat gold is trading at Rs 52,900, and Rs 48,500, respectively. In Chennai, 10 grams of gold is trading at Rs 53,510 (24-carat) and Rs 49,050 (22-carat).
Gold prices were flat on Wednesday, as investors held back from making big bets ahead of the US Federal Reserve’s latest policy meeting minutes, which could offer clues on further interest rate hikes. Spot gold was flat at $1,739.90 per ounce by 0121 GMT. US gold futures edged 0.1 per cent higher to $1,741.60.
While gold is considered an inflation hedge, high interest rates discourage investing in non-yielding bullion.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.10 per cent to 906.93 tonnes on Tuesday from 906.06 tonnes on Monday.
The price of 1 kg of silver in Delhi, Mumbai, and Kolkata is Rs 61,200. In Chennai, Bengaluru, and Hyderabad, the metal is trading at Rs 67,000 per kg.
Spot silver eased 0.3 per cent to $21.01 per ounce.
(With inputs from Reuters)