Gold and silver prices went down in Wednesday’s early trade as 10 gram of the yellow metal (24-carat) is trading at Rs 52,360 after a decrease of Rs 170. Meanwhile, silver is selling at Rs 57,800 per kg after falling Rs 1,500.
Ten gram of 22-carat gold on Wednesday is trading at Rs 48,000 after a decrease of Rs 150.
In Mumbai, and Kolkata, 24-carat gold was selling at Rs 52,360 per 10 gram, while that of 22-carat gold is trading at Rs 48,000 in the respective cities. In Delhi, 24-carat and 22-carat of the yellow metal were trading at Rs 52,360 and Rs 48,150 per 10 gm on Tuesday.
In Chennai, 24-carat and 22-carat gold is trading at Rs 52,960 and Rs 48,550, respectively.
Gold prices were flat on Wednesday, as investors awaited the release of the minutes of the US Federal Reserve’s last policy meeting later in the day that could offer clues on further interest rate hikes. Spot gold was flat at $1,775.59 per ounce, as of 0119 GMT, after hitting its lowest since August 8 at $1,770.86 on Tuesday. US gold futures were steady at $1,788.80 per ounce.
Although gold is seen as a hedge against inflation, higher US interest rates dull non-yielding bullion’s appeal.
In, Mumbai, Delhi and Kolkata, one kg of silver is selling at Rs 57,800. Whereas, one kg of silver in Chennai, Bengaluru, and Hyderabad, is trading at Rs 63,400 on Wednesday.
Spot silver was flat at $20.12 per ounce.
(With inputs from Reuters)