Early trading today sees decline in gold and silver prices

22 Jul 2022 , 09:42 AM

Gold and Silver prices declined in Friday’s opening session, with 24-carat yellow gold now dealing at Rs 50,180, down Rs 440. On the other side, silver was now going for Rs 55,600 a kg following a Rs 300 drop.

10 grams of 22-carat gold are now going for Rs 46,000, down Rs 400. After falling to its lowest level since March 2021 at $1,680.25, spot gold was up 1% at $1,712.61 per ounce by 1636 GMT. US gold futures increased by 0.6% to $1,711.00.

On Wednesday, gold was little changed as it failed to take advantage of a drop in the value of the dollar because metal demand was muted due to the likelihood of aggressive monetary measures and increasing US government rates.

The opportunity cost of owning metal, which pays no interest, rises when interest rates and bond yields rise, despite the fact that gold is seen as an inflation hedge.

The price of 10 grams of 24-carat gold in Delhi, Mumbai, and Kolkata is Rs. 50,180, whereas the price of 10 grams of 22-carat gold is Rs. 46,000. 10 grams of 22- and 24-carat gold are now selling in Chennai for Rs. 46,300 and Rs. 50,500, respectively.

One kilogram of silver now costs Rs 55,600 in Mumbai and Kolkata. In contrast, one kilogram of silver costs Rs 61,000 in Hyderabad, Bengaluru, Delhi, and Chennai.