In early trading, gold falls; silver rises

13 Jul 2022 , 09:54 AM

Early on Wednesday (13-07-2022), gold prices decreased by Rs 156, and 10 grams of 24-carat yellow metal are now selling for Rs 51,054. On the other side, the price of silver increased by Rs 5,300 per kg from the day’s closing price, selling for Rs 62,500 on Wednesday.

The price of 10 grams of 22-carat gold is currently Rs 46,800, down from Rs 150 on Wednesday.

As investors awaited monthly US inflation statistics for clues on the direction the Federal Reserve’s monetary policy will take, gold prices in the US remained close to a more than nine-month low on Wednesday. The dollar continued to weigh on the demand for bullion.

At 01:06 GMT, spot gold was barely changed at $1,726.27 per ounce after hitting $1,722.30, its lowest level since late September. The price of US gold futures fell 0.2% to $1,721.80.

The largest gold-backed exchange-traded fund in the world, SPDR Gold Trust, reported that its holdings decreased 0.17 percent on Tuesday from 1,023.27 tonnes to 1,021.53 tonnes.

The spot price of silver increased by 0.3% to $18.94 per ounce. 10 grams of 24-carat gold are selling for Rs 51,054 in Delhi, Mumbai, and Kolkata, while 10 grams of 22-carat gold are going for Rs 46,800. 10 grams of 24- and 22-carat gold are now selling for Rs 50,950 and Rs 46,700, respectively, in Chennai.

One kilogram of silver costs Rs 56,500 in Delhi and Kolkata. In contrast, one kilogram of silver costs Rs 62,500 in Chennai, Mumbai, Bengaluru, and Hyderabad.