Early on Friday, prices for both gold and silver dropped. According to the GoodReturns website, 10 gramme of 24 karat yellow metal was trading for Rs50,560, down Rs220. Silver is currently trading at Rs56,150 per kilogramme, down Rs250 from earlier.
Today’s price for ten grammes of 22-carat gold is Rs 46,350. In Mumbai and Kolkata, 10-gram quantities of 24- and 22-carat gold, respectively, are being sold for Rs 50,560 and Rs 46,350. Gold in Delhi is currently selling for Rs 50,730 per 10 gm for 24-carat gold and Rs 46,500 for 22-carat gold. 24- and 22-carat gold are currently trading in Chennai for Rs51,110 and Rs46,850, respectively.
The appeal of zero-yield bullion was waning on Friday as US Treasury yields remained close to multi-year highs in the wake of solid labour market statistics and hawkish remarks from Federal Reserve officials. As of 01:18 GMT, spot gold remained unchanged at $1,627.20 per ounce and had lost 0.8% for the week. At $1,630.10, US gold futures were down 0.4%.
Even though gold is regarded as a hedge against inflation, rising interest rates raise the opportunity cost of keeping the bullion on hand. Swiss customs data revealed on Thursday that while shipments to Turkey grew to their highest level since April 2013, exports of gold from Switzerland to major markets China and India increased in September.
The largest gold-backed exchange-traded fund in the world, SPDR Gold Trust, had a decline in holdings on Thursday, dropping 0.19 % to 930.99 tonnes. 1 kg of silver costs Rs56,150 in Mumbai, Delhi, and Kolkata. The price of 1 kilogram of silver in Chennai, Bengaluru, and Hyderabad is Rs61,000. The spot price of silver dropped 0.2% to $18.63 per ounce.
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