Gold jumped slighty on Monday, Rs 10 higher than the previous day’s rate, with 10 gram of 24-carat gold trading at Rs 52,760. Meanwhile, 10 gram of 22-carat gold is trading at Rs 48,360 after a hike of Rs 10.
Silver was down by Rs 500 in Monday’s opening trade, selling at Rs 61,500 per kg.
The price of 10 gram of 24-carat gold in Delhi, Mumbai, Kolkata, Bangalore, Hyderabad, Kerala, and Pune is Rs 52,760 for the day. Meanwhile, the price of 10 gram of 22 -carat gold in Delhi, Mumbai, Kolkata, Bangalore, Hyderabad, and Kerala is Rs 48,360.
In Chennai, 10 gram of 24-carat and 22-carat gold is trading at Rs 52,830 and Rs 48,430 respectively, on Monday.
On the other hand, silver is trading at Rs 61,500 in Delhi, Mumbai, Kolkata, and Pune. In Chennai, Bangalore, and Hyderabad, silver is trading at Rs 67,500 per kg.
Gold, which is seen as a safe-haven asset in times of economic crises, hit its highest since May 9 earlier in the session at $1,877.05 per ounce as red-hot US inflation data lifted Treasury yields and tempered the appeal of safe-haven bullion.
Spot gold was down 0.5% at $1,862.29 per ounce, as of 0205 GMT. US gold futures also eased 0.5% to $1,866.80.
Bullion is often seen as an inflation hedge, but the opportunity cost of holding it is higher when the Fed raises short-term interest rates, as gold yields no interest.
Meanwhile, spot silver dipped 1.1% to $21.63 per ounce.