Gold and Silver prices remain constant in early trade

27 Jun 2022 , 09:34 AM

Early on Monday (27-06-2022), gold prices were constant, with 10 grams of the yellow metal (24-carat) trading at Rs 51,870 and 10 grams of 22-carat gold at Rs 47,550. Also constant on Monday was the price of silver, which was selling at Rs 59,800 per kilogram.

Gold prices rose on Monday in the US, meanwhile, as news that the West plans to formally forbid the importation of the metal from Russia as a result of that country’s invasion of Ukraine increased demand for bullion.

By 02:31 GMT, spot gold increased 0.5 percent to $1,835.58 per ounce. At $1,836.30, U.S. gold futures were up 0.3 percent. To $21.36 per ounce, spot silver increased by 1.2 percent.

Although gold is seen as an inflation hedge, owning bullion, which pays no interest, has a larger opportunity cost as interest rates rise. 10 grams of 24-carat gold are now selling for Rs 51,870 in Delhi, Kolkata, and Bangalore. In the meanwhile, Delhi, Kolkata, and Bangalore are selling 10 grams of 22-carat gold for Rs 47,550.

On Monday, 10 grams of 24- and 22-carat gold are trading in Chennai for Rs 51,920 and Rs 47,600, respectively. In places like Delhi, Mumbai, and Kolkata, one kilogram of silver costs Rs 59,800, whereas Chennai sells one kilogram of silver for Rs 65,700.