In early trade, Gold and Silver prices increase

6 Sep 2022 , 10:15 AM

Early on Tuesday, gold and silver prices increased. 10 grams of 24 Carat gold were selling for Rs51,000, a rise of Rs110. Silver’s price increased by Rs720 per kilogram to trade at Rs53,220.

The price of ten grgramsof 22-carat gold has increased by Rs100 to Rs46,750 today. The price of 10 grams of 24-carat gold in Mumbai and Kolkata is Rs51,000, while the price of 22-carat gold is Rs46,750. 24- and 22-carat gold is now selling in Delhi for Rs51,160 and Rs46,900 per 10 gm, respectively.

At the moment, 24 carat gold costs Rs51,660 and 22 carat gold cost Rs47,360 in Chennai. Spot gold rose 0.4% to $1717.2 per ounce as anticipation that the Federal Reserve will slow the pace of rate increases in response to mixed US job data largely countered pressure from a strong dollar.

Even though gold is seen as a hedge against inflation, the cost of holding metal increases when interest rates are higher, strengthening the value of the currency. In Kolkata, Mumbai, and Delhi, a kilogram of silver was selling for Rs53,220. In Chennai, Bengaluru, Hyderabad, and Kerala, silver is offered for sale at a price of Rs 58,500 per kilogram.

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