Gold price holds steady, silver price declines in early trade

12 Aug 2022 , 09:54 AM

Early on Friday, gold prices were steady at Rs51,650 for 10 grammes of the 24-carat yellow metal. Silver’s price on Friday decreased by Rs7,250 per kilogramme to Rs51,650.

The price of ten grammes of 22-carat gold on Friday is Rs47,350. The price of 10 grammes of 24-carat gold in Mumbai and Kolkata was Rs51,650, while the price of 10 grammes of 22-carat gold was Rs47,350. On Friday, the price per 10 gm of 24- and 22-carat yellow gold in Delhi was Rs51,870 and Rs47,550, respectively.

Gold in Chennai is now selling for Rs53,290 for 22-carat gold and Rs48,850 for 24-carat gold. A rise in Treasury rates and expectations of US interest rate rises held down gold prices on Friday, but broader dollar weakness maintained bullion on track for its fourth consecutive weekly gain.

As of 01:20 GMT, spot gold remained unchanged at $1,787.57 per ounce. Bullion has, however, up 0.7% so far this week. The price of US gold futures dropped 0.2% to $1,803.10.

Despite the fact that gold is seen as an inflation hedge, increased US interest rates make non-yielding metal less appealing.

One kilogramme of silver costs Rs51,650 in Mumbai, Delhi, and Kolkata. In contrast, the price of one kilogramme of silver on Friday in Chennai, Bengaluru, and Hyderabad is Rs64,200. The spot price of silver decreased by 0.1% to $20.27 per ounce.