Gold prices in India jumped on Friday in early morning trade and witnessed a rise of Rs 430. Ten gram of 24-carat gold is trading at Rs 51,870, whereas, 10 gram of 22-carat gold is trading at Rs 47,550, after a jump of Rs 400.
Silver also witnessed a rise in the prices. One kilogramme of silver is trading at Rs 61,150, after a jump of Rs 1,150.
The price of 10 gram 24-carat gold in Delhi, Kolkata, and Bangalore is Rs 51,900. Meanwhile, the price of 10 gram of 22-carat gold in Delhi, Kolkata, and Bangalore is Rs 47,580. In Chennai, 10 gram of 24-carat and 22-carat gold is trading at Rs 51,980 and Rs 47,650 respectively.
On the other hand, silver is trading at Rs 61,150 per kg in in Delhi, Mumbai, and Kolkata.
Spot gold dropped 0.7% to $1,844.25 per ounce by 0238 GMT. Spot silver fell 0.6% to $21.79 per ounce.All were headed for weekly declines.
World stocks headed for their worst week since a market meltdown in the beginning of the pandemic in March 2020, as investors feared sharp rate hikes tipping economies into recession. [MKTS/GLOB]
The U.S. Federal Reserve announced its biggest interest rate hike since 1994 this week, as it scrambles to rein in soaring inflation. Rising rates in the United States increase the opportunity cost of holding non-yielding gold.