In early trading, gold and silver prices decline

1 Jul 2022 , 10:26 AM

Early on Friday (01-07-2022), gold prices decreased by Rs 110 from the previous day’s pricing, with 10 grams of 24-carat yellow metal going for Rs 50,890. On Friday, 10 grams of 22-carat gold was selling for Rs 46,650 after depreciating by Rs 100.

In the meanwhile, silver prices decreased by Rs 800 per kg in early trade on Friday, bringing the precious metal’s price to Rs 58,600 per kg.

A hawkish tone from central banks throughout the world has diminished attraction for the non-yielding commodity, and gold prices in the US are on track for their worst quarter in five years.

High inflation often favors gold, but when rates rise, holding the non-interest-bearing asset has a larger opportunity cost.

According to the website good returns, 10 grams of 24-carat gold are now selling for Rs 50,890 in Delhi, Mumbai, Kolkata, and Hyderabad. In the meanwhile, 10 grams of 22-carat gold are being sold in Delhi, Mumbai, Kolkata, and Hyderabad for Rs 46,650.

10 grams of 22- and 24-carat gold are now selling in Chennai for Rs 46,780 and Rs 51,030, respectively.

On the other side, a kilogram of silver is selling for Rs 58,600 on Friday in Delhi, Mumbai, and Kolkata. Silver is now being sold for Rs 65,100 a kilogram in Chennai, Bengaluru, Hyderabad, and Kerala.