Gold prices are down by Rs 270 per gram

16 Jun 2022 , 02:35 PM

On Thursday (16-06-2022) morning, gold prices in India decreased by Rs 270 per gram. After a Rs 250 drop, 10 grams of 24-carat gold is trading at Rs 51,440, while 10 grams of 22-carat gold is trading at Rs 47,150. The drop in gold prices comes after the US Federal Reserve raised interest rates for the first time since 1994 and warned of economic concerns.

Silver, on the other hand, has seen a price increase. After a 200-rupee hike, 1 kilogram of silver now costs Rs 60,000.

The price of a gram of 24-carat gold is Rs 51,440 in Delhi, Mumbai, Kolkata, Bangalore, and Hyderabad. Meanwhile, a gram of 22-carat gold costs Rs 47, 170 in Delhi, Bangalore, Bhubneshwar, and Mangalore. In Chennai, a gram of 24-carat gold costs Rs 51,500 while a gram of 22-carat gold costs Rs 47,200.

In Delhi, Mumbai, and Kolkata, on the other hand, silver is trading at Rs 60,000 a kg. 1 kilogram of silver costs Rs 66,000 in Chennai, Bangalore, and Hyderabad.

By 4:09 p.m. EDT, spot gold had risen 1.4 percent to $1,833.42 per ounce (2009 GMT). Gold’s attraction among international purchasers was boosted by the dollar’s decline, while benchmark US Treasury rates also fell. Gold’s rally drew the attention of other metals. The price of spot silver increased by 2.9 percent to $21.69 per ounce.