Finance
Gold prices fell by Rs 700 per 10 gram in early trade on Wednesday, with the yellow metal (24-carat) trading at Rs 51,230. Meanwhile, the price of silver fell Rs 300 to Rs 54,900 per kg.
On Wednesday, ten gram of 22-carat gold was trading at Rs 47,000, a Rs 600 decrease.
In Mumbai and Kolkata, 24-carat gold is selling for Rs 51,230 per 10 gram, while 22-carat gold is selling for Rs 47,000. 24-carat and 22-carat gold are trading at Rs 51,4400 and Rs 47,150 per 10 gm in Delhi, respectively.
In Chennai, 24-carat gold costs Rs 52,400 and 22-carat gold costs Rs 48,000.
Gold held steady on Wednesday, with gains tempered by an increase in the US dollar, as market participants awaited Federal Reserve Chair Jerome Powell’s speech later this week. As of 0126 GMT, spot gold was little changed at $1,746.60 per ounce, up 0.7% from the previous session. US gold futures fell 0.2% to $1,758.20.
Rising US interest rates increase the opportunity cost of holding non-yielding bullion, so gold is highly sensitive to them. Last week, gold demand in India increased as domestic prices fell to a more than two-week low, while volumes were down in other Asian markets.
In the meantime, one kilogram of silver was selling for Rs 54,900 in Delhi, Mumbai, and Kolkata. Chennai and Bengalur, Hyderabad, and Kerala, silver is selling at Rs 60,700 per kg.
Source:BS
