The price of gold decreased by Rs 110 per 10 grams on Tuesday, with 24-carat gold trading at Rs 51,380. On the other side, the cost of silver dropped by Rs 400 per kilogram to Rs 58,000.
The price of 10 grams of 22-carat gold is now Rs 47,100 on Tuesday, down Rs100. As of 00:44 GMT, spot gold was up 0.4% at $1,778.69 per ounce, its highest level since July 5. The price of US gold futures increased by 0.2 cents to $1,791.10 per ounce.
Spot silver decreased 0.5% to $20.22 for an ounce. Since dropping on July 21 to its lowest point in more than a year, gold, which typically appreciates on forecasts of lower interest rates, has rebounded close to $100.
According to WGC, factors that will limit the demand for jewelry in India include uncertainty about the economy, a higher import tariff, and the potential for new restrictions on buying gold, even if only temporarily and tactically, with an eye on the rupee-to-dollar exchange rate.
In Mumbai and Kolkata, a gram of 24-carat gold costs Rs51,380, while a gram of 22-carat gold costs Rs 47,100 in each of the two cities. On Tuesday, the price per 10 gm of 24-carat and 22-carat yellow metal in Delhi is Rs51,550 and Rs47,250, respectively.
Currently, 10 grams of 24- and 22-carat gold are being sold in Chennai for Rs52,300 and Rs47,950, respectively. One kilogram of silver costs Rs58,000 in Mumbai, Delhi, and Kolkata. In contrast, one kilogram of silver is now selling for Rs63,300 on Saturday in Chennai, Bengaluru, and Hyderabad.
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