Silver and gold prices decline in early trading

23 Jun 2022 , 10:56 AM

Early on Thursday (23-06-2022), gold prices decreased by Rs 220 from the previous day's pricing. The price of 10 grams of 24-carat gold is Rs 51,760. In contrast, 10 grams of 22-carat gold are being offered for Rs 47,450.

In the meantime, the price of silver has decreased by Rs 500 from the previous day. Silver costs Rs. 60,500 for 1 kilogramme.

Following the U.S. Federal Reserve chairman's reiteration of the central bank's commitment to combating inflation, gold prices were forced to decline somewhat in early trade on Thursday. Gold witnessed minor increases after Powell's remarks as Treasury rates took the brunt of it. Gold is sometimes seen as a hedge against inflation and a safe refuge during economic crises, such as recessions.

In Delhi, Kolkata, and Bangalore, ten grams of 24-carat gold cost Rs 51,800. While 10 grams of 22-carat gold are being sold in Bangalore, Kolkata, and Delhi for Rs 47,500. 10 grams of 24- and 22-carat gold are now selling in Chennai for Rs. 51,860 and Rs. 47,550, respectively.

One kilogram of silver costs Rs 60,500 in Delhi, Mumbai, Kolkata, and Pune, while it costs Rs 66,000 in Chennai. By 02:39 GMT, spot gold was down 0.2 % at $1,832.91 per ounce, while spot silver was down 0.5 % to $21.28 per ounce.