Finance
Gold prices rose by Rs 110 in early trade on Wednesday, with 10 gram of 24-carat yellow metal trading at Rs 51,540. Silver prices, on the other hand, remained unchanged in early trade, selling at Rs 54,000 per kg.
A gram of 22-carat gold costs Rs 47,250, an increase of Rs 100.
In Mumbai and Kolkata, 24-carat gold is selling for Rs 51,540 per 10 gram, while 22-carat gold is selling for Rs 47,250. 24-carat and 22-carat gold are trading at Rs 51,690 and Rs 47,400 per 10 gm in Delhi, respectively.
In Chennai, 24-carat gold costs Rs 52,250 and 22-carat gold costs Rs 47,900.
On Wednesday, gold was near a one-month low and on track for a fifth consecutive monthly drop, as strong US data and hawkish Federal Reserve comments pointing to higher interest rates weakened the non-yielding metal’s appeal. As of 0109 GMT, spot gold was flat at $1,723.28 per ounce, close to a one-month low hit on Monday. So far this month, it has fallen 2.5 percent. Gold futures in the United States fell 0.1% to $1,734.40.
While gold is regarded as a safe haven during times of economic uncertainty, rising interest rates raise the opportunity cost of holding the non-yielding asset.
The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, reported a 0.44 percent drop in holdings to 976.26 tonnes on Tuesday, down from 980.61 tonnes on Monday.
In Delhi, Mumbai, and Kolkata, one kilogram of silver was trading at Rs 54,000. Silver costs Rs 60,100 per kg in Chennai, Bengaluru, Hyderabad, and Kerala.
Spot silver fell 0.5% to $18.40 per ounce.
Source:BS
