Gold and Silver prices remain unchanged in early trading

19 Sep 2022 , 09:21 AM

In the early hours of Monday, both gold and silver prices remained steady, with 10 grams of 24 Carat yellow metal trading at Rs50,130. Today’s price for a kilogram of silver is Rs56,700. Ten grams of 22-carat gold are now being offered for sale for Rs45,950.

In Mumbai and Kolkata, 24-carat gold is being offered for sale at Rs50,130 per 10 grams, while 22-carat gold is being offered at Rs45,950 in each city. 24- and 22-carat gold is now selling in Delhi for Rs50,280 and Rs46,100 per 10 gm, respectively.

24- and 22-carat gold is now retailing in Chennai for Rs50,620 and Rs46,400, respectively. Higher rates are expected to make it harder for prices to achieve any significant gains in the short term, according to Michael Hewson, chief markets analyst at CMC Markets, even though dollar weakness is helping to lift gold off its lows. The rise in the currency and rates has been detrimental to gold, which was trading around $1,672 an ounce following last week’s lows that had not been seen since April 2020.

Despite the fact that gold is seen as an inflation hedge, rising interest rates raise the opportunity cost of keeping metal and strengthening the dollar. In the meanwhile, the price of 1 kilogram of silver in Mumbai, Delhi, and Kolkata was Rs56,700. Silver is being sold for Rs62,000 per kilogram in Chennai, Bengaluru, and Hyderabad.

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