Silver and gold prices falls in the early trade

7 Jul 2022 , 11:09 AM

Gold prices keep falling as the price of the yellow metal drops by Rs 540 from the previous day’s rate. 10 grams of 22-carat gold are presently selling for Rs 47,600, down Rs 500 from the previous day’s pricing, while 10 grams of 24-carat gold are currently trading at Rs 51,930.

On the other side, silver is also on a losing trend as the price of the precious metal has dropped by Rs 2,000. At the moment, one kilogram of silver costs Rs 56,900.

On Wednesday, a stronger dollar contributed to gold’s decline to a more than nine-month low, as the Federal Reserve’s minutes from its June meeting announced a more “restrictive” monetary policy.

Ten grams of 24-carat gold are selling for Rs 51,930 in Delhi, Mumbai, Kerala, and Kolkata, while ten grams of 22-carat gold are going for Rs 47,600. 10 grams of 24- and 22-carat gold are available in Chennai for Rs 51,710 and Rs 47,400, respectively.

One kilogram of silver is now selling for Rs 56,900 in Delhi, Mumbai, and Kolkata, while it is currently worth Rs 62,500 in Chennai.

As of 2:52 p.m. ET (18:52 GMT), spot gold was down 1.4 percent, or $1,738.99 per ounce, after dropping as high as 2.6 percent on Tuesday after the release of the Fed minutes. To reach $19.22 per ounce, spot silver increased by 0.1 percent.