In early trade, gold and silver prices remain unchanged

10 Oct 2022 , 08:41 AM

Early on Monday, gold and silver prices were stable, with 10 grams of the yellow metal (24-carat) retailing at Rs52,200. On the other side, silver is now selling for Rs60,800 a kg. The price of ten grams of 22-carat gold is Rs47,850.

In Mumbai and Kolkata, 10-gram quantities of 24- and 22-carat gold, respectively, are being sold for Rs52,200 and Rs47,850, respectively. 24- and 22-carat gold is now retailing in Delhi for Rs52,360 and Rs48,000 per 10 gm, respectively.

24- and 22-carat gold is now retailing in Chennai for Rs52,800 and Rs48,400, respectively. After falling by about 1% the day before due to weak US jobs data, gold prices slightly declined on Monday as it became clear that the Federal Reserve will maintain its aggressive interest rate rise agenda. As of 01:00 GMT, spot gold had down by 0.1% to $1,693.19 per ounce, while US gold futures had decreased by 0.4% to $1,703.4.

Last week, physical gold prices in India fell to a discount as low local rates and a decline in the value of the rupee stifled demand during the holiday season. High prices also caused problems in other Asian financial centers. The largest gold-backed exchange-traded fund in the world, SPDR Gold Trust, saw its holdings drop by 0.21 % to 944.31 tonnes on Friday.

In the meantime, 1 kilogram of silver costs Rs 60,800 in Mumbai, Delhi, and Kolkata. One kilogram of silver costs Rs66,000 in Chennai, Bengaluru, and Hyderabad. Spot silver dropped 1.7% to $19.76 for an ounce.

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