In early trade, gold and silver prices rise

18 Oct 2022 , 09:55 AM

According to the website GoodReturns, gold prices increased marginally on Monday morning, with 10 grams of the 24-karat yellow metal trading for Rs50,680 after a tiny gain of Rs10. After a gain of Rs5,200, the price of silver increased dramatically and is now trading at Rs60,500 per kilogram.

The price of ten grams of 22-carat gold has changed by Rs10, bringing it to Rs46,460. The price of 10 grams of 24- and 22-carat gold in Mumbai and Kolkata is, respectively, Rs50,680 and Rs46,460. Gold in Delhi is currently selling for Rs50,830 per 10 gm for 24-carat gold and Rs46,610 for 22-carat gold.

24- and 22-carat gold is currently trading in Chennai for Rs51,170 and Rs46,910, respectively. Although worries from impending aggressive interest rate increases by the US Federal Reserve restrained gains in zero-yielding metal, gold prices were stable on Tuesday as the dollar fell. As of 01:18 GMT, spot gold was unchanged at $1,651.75 per ounce. At $1,658.30, US gold futures were down 0.3%.

After data last week revealed that inflation increased significantly in September, a fourth consecutive 75-basis-point Fed interest rate increase is anticipated for next month. Rising US interest rates have a significant impact on gold’s price and raise the opportunity cost of owning the non-yielding asset.

In the meantime, 1 kg of silver costs Rs60,500 in Mumbai, Bengaluru, and Hyderabad. One kilogram of silver costs Rs55,300 in Chennai, Delhi, and Kolkata.

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