Gold became dearer in Friday’s early trade by Rs 380 per 10 gram with 24-carat of the yellow metal trading at Rs 51,820. The price of silver, on other the hand, went up by Rs 200 per kg on Friday, trading at Rs 57,700.
Meanwhile, 10 gram of 22-carat gold is trading at Rs 47,500 on Friday after an increase of Rs 350.
In Mumbai, and Kolkata, 24-carat gold is selling at Rs 51,820 per 10 gram, while 10 gram of 22-carat gold is selling at Rs 47,500 in the respective cities. In Delhi, 24-carat and 22-carat of the yellow metal are trading at Rs 51,980 and Rs 47,500 per 10 gm on Wednesday.
In Chennai, 10 gram of 24-carat and 22-carat gold is currently trading at Rs 52,640 and Rs 48,250, respectively.
In, Mumbai, Delhi, and Kolkata, one kg of silver is selling at Rs 57,700. Whereas, one kg of silver in Chennai, Bengaluru, and Hyderabad, is trading at Rs 63,200 on Friday.
Gold, which tends to appreciate on expectations of lower interest rates, has gained nearly $100 since falling on July 21 to its lowest level in more than one year.
Uncertainty over the economic outlook, a higher import duty and the possibility of additional curbs on gold buying, even if for temporary and tactical reasons with an eye on rupee-dollar exchange rate are some of the reasons, WGC believes, that will keep jewellery demand in India in check.