Gold and silver prices went down in Thursday’s early trade with ten grams of the yellow metal (24-carat) at Rs 52,640, after a decrease of Rs 110. Silver prices decreased by Rs 200 from yesterday’s closing price with 1 kg of the precious metal selling at Rs 61,000.
Ten grams of 22-carat gold is trading at Rs 48,250 today, after a decrease of Rs 100, according to the GoodReturns website.
In Mumbai, Kolkata, and Hyderabad, ten grams of gold (24-carat and 22-carat) are selling at Rs 52,640, and Rs 48,250.
In Delhi, 24-carat and 22-carat gold is trading at Rs 52,800, and Rs 48,400, respectively. In Chennai, 10 grams of gold are trading at Rs 53,410 (24-carat) and Rs 48,960 (22-carat).
Gold prices firmed above the key $1,750 an ounce level on Thursday, consolidating gains after minutes of the U.S. Federal Reserve’s latest policy meeting signalled slower interest rate hikes. Spot gold rose 0.3 per cent to $1,754.08 per ounce by 0033 GMT. U.S. gold futures advanced 0.5% to $1,754.30.
Lower rates tend to lift appeal for bullion in comparison with other interest-bearing assets. Physical gold demand in Asia stayed soft this week, with premiums in top hub China easing further as fresh Covid-19 restrictions dimmed activity, while higher domestic prices put off most buyers in India.
The price of 1 kg of silver in Delhi, Mumbai, and Kolkata is Rs 61,000. In Chennai, Bengaluru, and Hyderabad, the metal is trading at Rs 67,500 per kg.
Spot silver rose 0.3 per cent to $21.59 per ounce.
(With inputs from Reuters)