In early trade gold prices remain unchanged, silver prices down

19 Jul 2022 , 09:28 AM

Early on Tuesday, gold prices were constant; 10 grams of 24-carat yellow metal are now selling for Rs 50,390. On the other side, the price of silver increased by Rs 400 per kg from the day’s closing price, selling for Rs 56,000 on Tuesday.

10 grams of 22-carat gold are now selling for Rs 46,190. A rise in the US dollar and bond rates reduced the attraction of gold on Tuesday, as investors were waiting for additional hints about the Federal Reserve’s rate-hike trajectory.

By 01:03 GMT, spot gold had decreased 0.2% to $1,706.25 per ounce. The price of US gold futures decreased 0.3% to $1,705.30.

Despite the fact that gold is seen as a hedge against inflation, owning metal, which pays no interest, has a larger opportunity cost due to rising interest rates and bond yields.

10 grams of 24-carat gold are selling for Rs 50,390 in Delhi, Mumbai, and Kolkata, while 10 grams of 22-carat gold are going for Rs 46,190. 10 grams of 24- and 22-carat gold are now selling in Chennai for Rs 51,140 and Rs 46,880, respectively.

One kilogram of silver costs Rs 56,000 in Delhi, Mumbai, and Kolkata. In contrast, one kilogram of silver costs Rs 61,700 in Chennai, Bengaluru, and Hyderabad.