Gold prices were unchanged in Thursday’s early trade while silver rates increased by Rs 900 per kg. Ten grams of 24-carat gold is selling at Rs 52,970 today, meanwhile, silver is trading at Rs 62,300 per kg. Ten grams of 22-carat gold is trading at Rs 48,550 today, according to the GoodReturns website.
In Mumbai, Kolkata, and Hyderabad, ten grams of gold (24-carat and 22-carat) are selling at Rs 52,970, and Rs 48,550.
In Delhi, 24-carat and 22-carat gold is trading at Rs 53,130, and Rs 48,700, respectively. In Chennai, 10 grams of 24-carat and 22-carat gold are trading at Rs 53,850 and Rs 49,360.
Gold prices climbed a two-week high in early Asian trade on Thursday, after US Federal Reserve Chair Jerome Powell’s speech reinforced expectations of smaller interest rate hikes ahead. Spot gold was up 0.4 per cent to $1,775.77 per ounce, as of 0039 GMT, having hit its highest level since Nov. 16. US gold futures rose 1.7 per cent to $1,788.90.
Lower interest rates tend to boost bullion’s appeal as the it reduces the opportunity cost of holding the non-yielding asset, which ended November more than 8% higher — its biggest monthly gain since July 2020.
The price of 1 kg of silver in Delhi, Mumbai, and Kolkata is Rs 62,300. In Chennai, Bengaluru, and Hyderabad, the metal is trading at Rs 68,000 per kg.
Spot silver gained 0.3 per cent to $22.26.
(With inputs from Reuters)