In early trade gold prices remain unchanged; silver's falls

28 Oct 2022 , 11:03 AM

Price of 10 grammes of 24 karat yellow metal on Friday morning was steady at Rs51,280. Silver prices, meanwhile, grew slightly on Wednesday, with 1 kilogram of the precious metal trading at Rs58,300, up Rs 200.

Ten grammes of 22-carat gold are now being sold for Rs47,100 following a Rs100 hike. In Mumbai and Kolkata, 24-carat gold is being sold for Rs51,280 per 10 grams, while 22-carat gold is being sold for Rs47,100 per 10 grams. Gold in Delhi is currently selling for Rs51,530 for 24-carat purity and Rs47,250 for 22-carat purity per 10 gm.

Gold in Chennai is currently selling for Rs 51,760 for 24 karat and Rs 47,450 for 22 karat. Gold prices remained unchanged on Friday but were on track for a second week of gains as some disappointing US economic data fueled hopes that the Federal Reserve could slow its rapid rate of interest rate increases starting in December.

As of 01:30 GMT, spot gold was unchanged at $1,663.22 per ounce but was up 0.4% for the week as a whole. At $1,666, US gold futures were steady. Even though gold is regarded as a hedge against inflation, rising interest rates raise the opportunity cost of keeping the worthless bullion on hand. 1 kg of silver costs Rs58,300 in Mumbai, Delhi, Kolkata, and Bengaluru. While 1 kg of silver costs Rs63,500 in Chennai and Hyderabad.

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