In early trade, gold and silver prices rise

7 Sep 2022 , 08:47 AM

Early on Wednesday, gold and silver prices increased. 10 grams of 24 Carat yellow metal were trading at Rs51,160, up Rs160. Silver’s price increased by Rs680 per kilogram to Rs53,900.

The price of ten grams of 22-carat gold has increased by Rs150 to Rs46,900 today. The price of 10 grams of 24-carat gold in Mumbai and Kolkata is Rs51,160, while the price of 10 grams of 22-carat gold is Rs46,900. 24- and 22-carat gold is now selling in Delhi for Rs51,320 and Rs47,050 per 10 gm, respectively.

Gold in Chennai is now selling for Rs51,820 for 24 Carat and Rs47,500 for 22 Carat. On Tuesday, gold prices declined from a one-week high reached earlier in the session as the dollar and Treasury rates rose on anticipation that major central banks will aggressively tighten monetary policy.

By 3:02 p.m. ET (19:02 GMT), spot gold had down 0.6% to $1,699.70 per ounce after reaching its highest level since August 30 at $1,726.49 in the Asian trading session. The US gold futures closed at $1,712.9, down 0.6%. Even while gold is seen as an inflation hedge, storing metal has a greater opportunity cost at higher interest rates, which strengthens the currency.

Silver was going for Rs53,900 a kilogram in Delhi, Mumbai, and Kolkata. Silver is being sold for Rs59,000 per kilogram in Chennai, Bengaluru, Hyderabad, and Kerala. The price of spot silver dropped 1.2% to $17.95 per ounce.

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