Gold prices rise, Silver prices decline

24 Jun 2022 , 09:56 AM

Early on Friday (24-06-2022), gold prices rose, rising 230 rupees from the previous day’s rate to a high of 51,990 rupees for 10 grams of 24-carat gold. The price of 10 grams of 22-carat gold has decreased by Rs 200 to Rs 47,650.

On the other side, silver’s costs decreased by Rs 300, with the precious metal now retailing at Rs 60,200 per kg.

Gold prices remained unchanged on Friday but were headed for their second consecutive weekly decrease due to concerns that major central banks may raise interest rates significantly to combat hyperinflation.

After touching a one-week low of $1,820.99 earlier in the day, spot gold was last up 0.1 percent to $1,824.72 per ounce at 0215 GMT. American gold futures decreased 0.2% to $1,825.90.

Despite the fact that bullion is sometimes seen as an inflation hedge, owning gold, which returns nothing, has a larger opportunity cost due to rising interest rates and bond yields.

In Delhi, Kolkata, and Bangalore, a gram of 24-carat gold costs Rs 51,990. In contrast, 10 grams of 22-carat gold are being sold in Delhi, Kolkata, and Bangalore for Rs 47,650. 10 grams of 24- and 22-carat gold are now selling in Chennai for Rs 52,040 and Rs 47,700, respectively.

Silver is currently being sold for Rs 60,200 per kilogram in Delhi, Mumbai, and Kolkata. One kilogram of silver presently costs Rs 66,000 in Chennai, Bengaluru, Hyderabad, and Kerala.