Early trade sees gold and silver prices rise

17 Jun 2022 , 10:48 AM

The price of gold in India increased by Rs 430 in early morning trade on Friday (17-06-2022). After a 400-rupee spike, ten grams of 24-carat gold are now trading at Rs 51,870, while ten grams of 22-carat gold are now trading at Rs 47,550.

The price of silver has also increased. After a Rs 1,150 increase, one kilogram of silver is now trading at Rs 61,150.

In Delhi, Kolkata, and Bangalore, a gram of 24-carat gold costs Rs 51,900. Meanwhile, a gram of 22-carat gold costs Rs 47,580 in Delhi, Kolkata, and Bangalore. In Chennai, a gram of 24-carat gold costs Rs 51,980, while a gram of 22-carat gold costs Rs 47,650.

In Delhi, Mumbai, and Kolkata, silver is now trading for Rs 61,150 per kilogram. By 02:38 GMT, spot gold had fallen 0.7 percent to $1,844.25 per ounce. Silver declined 0.6 percent to $21.79 per ounce on the spot market. All of them were on the verge of losing ground on a weekly basis.

As investors anticipated that fast rate rises would send nations into recession, world equities were on track for their worst week since a market crash at the start of the pandemic in March 2020.

The Federal Reserve of the United States raised interest rates for the first time since 1994 this week, as it tries to contain skyrocketing inflation. The potential cost of storing non-yielding gold increases when interest rates rise in the United States.