In the early trade on Thursday, gold and silver prices decreased. 10 grams of yellow metal (24-carat) now costs Rs50,890, a decrease of Rs270. On the other side, silver is now worth Rs58,500 per kilogram after falling by Rs400. The price of ten grams of 22-carat gold has decreased by Rs250 to Rs46,650.
The price of 10 grams of 24- and 22-carat gold in Mumbai and Kolkata is, respectively, Rs50,890 and Rs58,500. Gold in Delhi is now selling for Rs51,050 per 10 gm for 24-carat gold and Rs46,800 for 22-carat gold.
24- and 22-carat gold is now retailing in Chennai for Rs51,600 and Rs47,300, respectively. Thursday’s important US inflation report, which might determine the magnitude of the Federal Reserve’s next interest rate rise, did not cause any significant market movements, keeping gold prices stable.
As of 00:26 GMT, the spot price of gold remained stable at $1,672.79 per ounce. At $1,679.80, US gold futures had increased by 0.1%. Although rising interest rates make bullion, which pays no interest, less desirable, gold is nevertheless seen as a hedge against inflation.
The most significant organization in the world for certifying gold refineries declared on Wednesday that it wanted to honor companies that collect and process gold extracted by small-scale miners in poor nations.
In the meantime, 1 kilogram of silver costs Rs58,500 in Mumbai, Delhi, and Kolkata. One kilogram of silver costs Rs63,000 in Chennai, Bengaluru, and Hyderabad. Silver on the spot decreased by 0.2% to $19.03 per ounce.
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