Early trade sees no change in gold and silver prices

26 Sep 2022 , 08:45 AM

In early trade on Monday, gold and silver prices were constant, with 10 grams of the yellow metal (24-carat) dealing at Rs 50,200, according to the Good Returns website. The price of one kilogram of silver is Rs 56,300. The price of ten grams of 22-carat gold is now Rs 46,000.

The price of 10 grams of 24- and 22-carat gold in Mumbai and Kolkata is, respectively, Rs. 50,200 and Rs. 46,000. The price per 10 gm of 24- and 22-carat gold in Delhi is 50,350 and 46,150 rupees, respectively.

24- and 22-carat gold is now retailing in Chennai for Rs50,730 and Rs46,500, respectively. On Monday, gold prices hit a fresh 2-1/2-year low due to the strong dollar and the likelihood that the US Federal Reserve would continue raising interest rates to control inflation. As of 00:53 GMT, spot gold was down 0.3% at $1,638.59 per ounce after earlier in the day reaching its lowest level since April 2020. The price of US gold futures dropped by 0.6% to $1,645.8.

Even while gold is seen as an inflation hedge, storing metal has a greater opportunity cost at higher interest rates, which strengthens the currency. In the meanwhile, the price of 1 kilogram of silver was Rs56,300 in Mumbai, Delhi, and Kolkata. One kilogram of silver costs Rs61,500 in Chennai, Bengaluru, and Hyderabad. The spot price of silver decreased 0.8% to $18.68 per ounce.

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