Mumbai: Gold prices went down in Thursday’s early trade from the previous day’s rate by Rs 220. 10 gram of 24-carat gold is selling at Rs 51,760. Whereas, 10 gram of 22-carat gold is selling at Rs 47,450. Meanwhile, silver is also witnessing a fall of Rs 500 as compared to the previous day’s rate.
1 kg of silver is trading at Rs 60,500. Gold prices inched lower on Thursday in early trade, pressured by expectations of aggressive interest rate hikes after the U.S. Federal Reserve chief doubled down on the central bank’s fight against inflation.
Gold is often viewed as a hedge against inflation and a safe haven during economic crises, like recession, but saw some gains after Powell’s statement as Treasury yields bore the brunt of it. The price of ten-gram of 24-carat gold in Delhi, Kolkata, and Bangalore is Rs 51,800. Whereas, 10 gram of 22-carat gold is trading at Rs 47,500 in Delhi, Kolkata, and Bangalore.
In Chennai, 10 gram of 24-carat and 22-carat gold is trading at Rs 51,860 and Rs 47,550 respectively. In Delhi, Mumbai, Kolkata, and Pune 1 kg of silver is trading at Rs 60,500, whereas, 1 kg of silver in Chennai is selling at Rs 66,000. Spot silver dipped 0.5% to $21.28 per ounce, whereas Spot gold was down 0.2% at $1,832.91 per ounce by 0239 GMT.