Gold, silver fall in early trade; yellow metal trading at Rs 50,620/10 gm

Silver is trading at Rs 56,400 per kg after a change of Rs 600



Topics


Gold Prices | gold and silver prices | Silver Prices





BS Web Team  | 
New Delhi 




























Gold and silver rates fell in Thursday’s early trade with 10 gram of the yellow metal (24-carat) trading at Rs 50,620 after a change of Rs 360. Silver is trading at Rs 56,400 per kg after a change of Rs 600.


Ten grams of 22-carat gold is trading at Rs 46,400 today after a decrease of Rs 330.


In Mumbai and Kolkata, 24-carat gold is selling at Rs 56,400 per 10 gram, while 22-carat gold is trading at Rs 46,400 in the respective cities. In Delhi, 24-carat and 22-carat gold are trading at Rs 50,780 and Rs 46,550 per 10 gm, respectively.


In Chennai, 24-carat and 22-carat gold is trading at Rs 51,280 and Rs 47,010, respectively.


Gold edged up on Wednesday as the dollar pulled back, but gains were capped by bets for more aggressive Federal Reserve rate hikes fuelled by a surprise rise in US inflation. While weakness in dollar is helping pull gold off its lows, higher yields are likely to make it more difficult for prices to make any meaningful gains in the short term, said Michael Hewson, chief markets analyst at CMC Markets.


Gold prices saw their biggest one-day percentage decline since July 14 in the previous session, as the dollar logged its best day since March 2020 after an unexpected rise in US August consumer prices.


Even though gold is seen as a hedge against inflation, higher interest rates increase the opportunity cost of holding bullion and boost the dollar.


Meanwhile, 1 kg of silver in Mumbai, Delhi, and Kolkata was trading at Rs 56,400. In Chennai, Bengaluru, and Hyderabad, one kg of silver is selling at Rs 61,800.


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