In early trade, gold prices rise; silver's fall

6 Oct 2022 , 10:57 AM

Early activity on Thursday showed a little uptick in gold prices, with 10 grams of the 24-karat yellow metal selling at Rs52,110, up Rs10. Silver is now being sold for Rs 61,500 per kilogram, a reduction of Rs500 from yesterday’s cost. A ten rupee hike has brought the price of ten grams of 22-carat gold to Rs47,760.

A 10 gram of 24-carat gold now costs Rs51,660 in Mumbai and Rs47,760 in Kolkata, while a 10-gram piece of 22-carat gold costs the same. The price per 10 grams of 24- and 22-carat gold in Delhi is, respectively, Rs52,260 and Rs47,910. 24- and 22-carat gold is now selling in Chennai for Rs52,760 and Rs48,360, respectively.

On Thursday, gold prices increased little as Treasury rates declined, but gains were modest as solid US economic data increased confidence the Federal Reserve will maintain its hawkish stance. As of 01:44 GMT, spot gold was up 0.2% at $1,719.19 per ounce. The price of US gold futures increased 0.5% to $1,728.50.

Since gold doesn’t pay interest, lower rates reduce the opportunity cost of owning it. On Wednesday, the largest gold-backed exchange-traded fund in the world, SPDR Gold Trust, saw an increase in holdings of 0.18 % to 946.34 tonnes.

In the meantime, 1 kilogram of silver costs Rs61,500 in Mumbai, Delhi, and Kolkata. One kilogram of silver costs R 67,000 in Chennai, Bengaluru, and Hyderabad. Spot silver decreased 0.3% to $20.64 for an ounce.

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