Gold up by Rs 10/10 gm, silver unchanged as investors weigh on rate hike

Gold on Monday became dearer by Rs 10 per 10 gram as the precious metal’s outlook remained vulnerable to expected RBI rate hikes on Wednesday.

Silver, meanwhile, remained unchanged to trade at Rs 62,400 per kg on Tuesday. On Monday, the rate of silver increased by Rs 700 per kg.

10 gram of 24-carat of gold is trading at Rs 52,210, while 22-carat gold is selling at Rs 47,860.

Investments in gold increase amid economic crisis, as investors consider it as a safe-haven asset.

The price of 10 gram of 24 carat gold in Delhi, Mumbai, Bangalore, Hyderabad, and Kolkata is Rs 52,210 for the day. Meanwhile, the price of 10 gram of 22 carat gold in Delhi, Mumbai, Bangalore, Hyderabad, and Kolkata is Rs 47,860.

In Chennai, 10 gram of 24-carat and 22-carat gold is trading at Rs 52,260 and Rs 47,910 respectively on Tuesday.

The price of gold varies for different regions based on certain parameters such as the excise duty, making charges and the state taxes.

Spot gold was flat at $1,840.16 per ounce, as of 0232 GMT. Earlier in the session, bullion slipped to $1,836.10, its lowest since June 1. US gold futures also eased by 0.1% to $1,842.30.

The price of 1 kg of silver in Delhi, Mumbai and Kolkata is Rs 62,400. In Chennai, Bengaluru and Hyderabad, the metal is trading at Rs 68,500 per kg for the day.

Spot silver slipped 0.4% to $21.96.

(With inputs from Reuters)

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