Gold and silver prices rise in early trading

4 Oct 2022 , 09:34 AM

Silver and gold prices rose slightly in early trade on Tuesday, with 10 grams of gold (24-carat) dealing at Rs 51,110, up Rs380. Following a 500 rupee increase, silver is currently trading at Rs57,400 per kilogram.

The price of ten grams of 22-carat gold is now Rs46,850. The price of 10 grams of 24- and 22-carat gold in Mumbai and Kolkata is, respectively, Rs51,110 and Rs46,850. Gold in Delhi is now selling for Rs51,280 for 24-carat purity and Rs47,000 for 22-carat purity per 10 gm.

24- and 22-carat gold is now selling in Chennai for Rs51,330 and Rs47,050, respectively. Due to recent lows, which attracted investors, gold prices increased by more than 2% on Monday. A rebound in silver also occurred, which may have been the biggest day for silver since late 2008.

At 3.39 pm ET (19:39 GMT), spot gold increased 2.3% to $1,698.48 an ounce, which may have been the most day gain since March 8. At $1,702, US gold futures closed 1.8% higher. Even while gold is seen as an inflation hedge, storing metal has a greater opportunity cost at higher interest rates, which strengthens the currency.

In the meantime, 1 kilogram of silver costs Rs57,400 in Mumbai, Delhi, and Kolkata. One kilogram of silver costs Rs62,500 in Chennai, Bengaluru, and Hyderabad. The price of silver increased 8.8% to $20.67 per ounce, the highest level since mid-August.

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