Early trading sees decline in gold prices; silver holds steady

20 Sep 2022 , 09:22 AM

Early on Tuesday, gold prices moved down a little bit, with 10 grams of the 24-karat yellow metal changing hands for Rs50,020, down by Rs110.  The price of gold is now selling at Rs56,700 a kg, with silver rates remaining unchanged. Ten grams of 22-carat gold are now going for Rs45,850, down Rs100.

The price of 10 grams of 24-carat gold in Mumbai and Kolkata is Rs50,020, while the price of 10 grams of 22-carat gold is Rs45,850. 24- and 22-carat gold is now retailing in Delhi for Rs50,170 and Rs46,000 per 10 gm, respectively.

24- and 22-carat gold is now selling in Chennai for Rs50,530 and Rs46,320, respectively. The dollar was strengthened by the increased rates, which also decreased the demand for gold. Gold dropped just a little. The price of an ounce of spot gold was $1,675.63.

Even though gold is seen as a hedge against inflation, increasing interest rates increase the opportunity cost of holding metal and make the currency stronger. In the meanwhile, the cost of 1 kilogram of silver was Rs56,700 in Mumbai, Delhi, and Kolkata. At Rs62,000 per kilogram, silver is being sold in Chennai, Bengaluru, and Hyderabad.

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