Gold and silver rates rose in Wednesday’s early trade with 10 gram of yellow metal (24-carat) trading at Rs 51,160 after an increase of Rs 160. The rate of silver went up by Rs 680 per kg to trade at Rs 53,900.
Ten gram of 22-carat gold is trading at Rs 46,900 today after a hike of Rs 150.
In Mumbai and Kolkata, 24-carat gold is selling at Rs 51,160 per 10 gram, while 22-carat gold is trading at Rs 46,900 in the respective cities. In Delhi, 24-carat and 22-carat gold are trading at Rs 51,320 and Rs 47,050 per 10 gm, respectively.
In Chennai, 24-carat and 22-carat gold is trading at Rs 51,820 and Rs 47,500, respectively.
Gold prices on Tuesday slipped from a one-week high hit earlier in the session as the dollar and Treasury yields climbed amid expectations for aggressive monetary policy tightening by major central banks.
Spot gold fell 0.6 per cent to $1,699.70 per ounce by 3:02 p.m. ET (1902 GMT), after hitting its highest since August 30 at $1,726.49 in the Asia trading session. The US gold futures settled down 0.6 per cent at $1,712.9.
Even though gold is seen as a hedge against inflation, higher interest rates increase the opportunity cost of holding bullion and boost the dollar.
One kg of silver was trading at Rs 53,900 in Delhi, Mumbai, and Kolkata. In Chennai, Bengaluru, Hyderabad, and Kerala, silver is selling at Rs 59,000 per kg.
Spot silver fell 1.2 per cent to $17.95 per ounce.