A financial website said that 24-carat gold rose by ₹10 on Wednesday to ₹76,370 per ten grams in early trade. On the other hand, the price of silver slightly dropped, crossing ₹100 downward to ₹92,800 with one kilogram of the metal.
The price of 22-carat gold also rose by ₹10, costing ten grams ₹ 70010. Interestingly, ten grams of 24-carat gold costs ₹76,370 in Mumbai same in Kolkata and Hyderabad. The prices of 24-carat gold for a ten-gram for major cities are slightly different in Delhi with ₹76020, Bengaluru and Chennai with ₹73610.
On the other hand, the prices of Silver also differ at different locations; one kg of silver costs ₹92,900 in Delhi, the same as in Ahmedabad and Lucknow. In Chennai, though, the price of ₹ 97,900 for one kilogram of silver is significantly higher than it can be priced.
Worldwide, US commodity prices continued to hover near record highs on Wednesday as the dollar weakened and Middle East tension rose, making gold a safe-haven commodity. Investors, too, are waiting for fresh clues on the trend of US interest rates. The overall global market trends show that the political unrest and volatility of the currency seriously affect the price of precious metals; thus, gold and silver are more suitable investment tools in a climate of uncertainty. Due to such economic and political changes, these trends of the relative pricing of gold and silver are likely to persist, indicating the dynamic interplay of the world markets.
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