In early trade gold and silver prices fall

28 Sep 2022 , 01:02 PM

According to the Good Returns website, 10 grams of yellow gold (24-carat) was trading at Rs49,970, down Rs270, in early trade on Wednesday. Silver prices also declined. After changing by Rs 900, the price of silver is now Rs55,400 per kilogram. Ten grams of 22-carat gold are currently being offered for sale for Rs45,800, an increase of Rs200.

The price per 10 grams of 24- and 22-carat gold in Mumbai and Kolkata is, respectively, Rs49,970 and Rs45,800. 24- and 22-carat gold is now selling in Delhi for Rs 50,130 and Rs45,950 per 10 gm, respectively. Gold in Chennai is now selling for Rs50,290 for 22-carat gold and Rs46,100 for 24-carat gold.

After Federal Reserve policymakers restated the U.S. central bank’s resolve to retain an aggressive policy stance to combat rising inflation, gold prices declined on Wednesday as the dollar started to rise again. As of 01:32 GMT, the spot price of gold has decreased by 0.3% to $1,624.81 per ounce. US gold futures decreased 0.2% to $1,632.4. The largest gold-backed exchange-traded fund in the world, SPDR Gold Trust, saw a decline in holdings on Tuesday, dropping 0.28 % to 940.86 tonnes from 943.47 tonnes on Monday.

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, the price of 1 kilogram of silver was Rs55,400 in Mumbai, Delhi, and Kolkata. One kilogram of silver costs Rs60,700 in Chennai, Bengaluru, and Hyderabad. Spot silver decreased 0.9% to $18.26 for an ounce.

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