In Monday's trade, Gold price remains unchanged

12 Sep 2022 , 03:19 PM

In the opening hours of trading on Monday, the price of 10 grams of 24-carat gold remained constant at Rs51,000. On the other side, silver’s cost per kg dropped by Rs5,400, bringing its price to Rs55,000.

The price of ten grams of 22-carat gold is now Rs46,750. In Kolkata and Mumbai, 24-carat gold is being sold for Rs51,000 per 10 grams, while 22-carat gold is being sold for Rs46,750 in each city. Gold in Delhi is now selling for Rs51,150 for 24-carat purity and Rs46,900 for 22-carat purity per 10 gm. Gold in Chennai is now selling for Rs51,710 for 24  carat and Rs47,400 for 22 Carat.

After falling as low as $1,690 last week, gold was trading at about $1,714 per ounce. US gold prices increased on Friday as a result of a weaker dollar, but Jerome Powell, the chairman of the US Federal Reserve, reaffirmed the bank’s commitment to controlling inflation, which limited further increases.

Even while gold is seen as an inflation hedge, storing metal has a greater opportunity cost at higher interest rates, which strengthens the currency. In the meantime, the price of 1 kg of silver was Rs55,000 in Mumbai, Delhi, and Kolkata. One kilogram of silver costs Rs60,400 in Chennai, Bengaluru, and Hyderabad.

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