Gold prices witnessed a fall on Saturday, with the price of the yellow metal falling by Rs 230 as compared to the previous day’s rate. Ten gram of 24-carat gold is trading at Rs 51,760, whereas, ten gram of 22-carat gold is trading at Rs 47,450.
Silver too, opened in the low and is trading at Rs 60,000 per kg. The precious metal is down by Rs 200 as compared to the previous day’s rate.
In Delhi, Kolkata and Bangalore, 10 gram of 24-carat gold is trading at Rs 51,820. Meanwhile, 10 gram of 22-carat gold is selling at Rs 47,500 in Delhi, Kolkata, and Bangalore.
In Chennai, 10 gram of 22-carat and 24-carat gold is currently trading at Rs 47,530 and Rs 51,850 respectively.
A kilogram of silver is trading at Rs 60,000 in cities like Delhi, Mumbai and Kolkata, whereas, 1kg of silver is selling at Rs 66,000 in Chennai. Gold edged up on Friday as the dollar retreated and recession fears buoyed its safe-haven appeal, but looming interest rates hikes set the non-yielding asset on course for a weekly dip. Spot gold rose 0.4% to $1,830.22 per ounce by 2:20 p.m. ET (1820 GMT), after earlier touching a one-week low of $1,816.10. Spot silver rose 1.2% to $21.19 per ounce. Although bullion is considered an inflation hedge but higher US interest rates increase the opportunity cost of holding it.