In early trade, gold and silver prices remain unchanged

27 Sep 2022 , 10:16 AM

Tuesday’s early trade saw little change in the price of gold or silver, with 10 grams of 24 Carat yellow metal selling at Rs50,200, according to the Good Returns website. The price of one kilogram of silver is Rs56,300. The price of ten grams of 22-carat gold is now Rs 46,000.

In Mumbai and Kolkata, 10 grams of 24- and 22-carat gold cost, respectively, Rs50,200 and Rs46,000. Delhi charges 50,350 and 46,150 rupees for 10 gm of 24- and 22-carat gold, respectively. Currently, 24 carat gold costs Rs50,740 and 22 carat gold costs Rs46,510 in Chennai.

Due to anticipation of additional policy tightening by the U.S. Federal Reserve in a bid to manage growing inflation, gold prices climbed on Tuesday as the dollar’s rally came to a stop, although they are still near a 2-1/2-year low. As of 01:03 GMT, spot gold was up 0.6% at $1,631.89 per ounce. On Monday, prices dropped to $1,620.20, which is the lowest level since April 2020. US gold futures increased in price by 0.3% to $1,638.1.

The holdings of SPDR Gold Trust, the biggest gold-backed exchange-traded fund in the world, fell by 0.40% from 947.23 tonnes on Friday to 943.47 tonnes on Monday. 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 the interim, the cost of 1 kilogram of silver in Mumbai, Delhi, and Kolkata was Rs56,300. In Chennai, Bengaluru, and Hyderabad, one kilogram of silver costs Rs60,700. The current price of silver fell 1% to $18.52 per ounce.

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