Gold price unchanged at Rs 47,680 per 10 gm, silver at Rs 71,400 a kg

Gold prices traded flat in India on Thursday despite easing in the international markets ahead of the release of the US inflation data

The price of 22 carat gold on Thursday remained unchanged at Rs 47,680 for 10 gm, according to the Good Returns website. Silver dipped by a margin of Rs 300 to Rs 71,400 per kg.

Gold jewellery price varies across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making changes.

In New Delhi, the price of 22-carat gold dipped by a minuscule margin to Rs 48,040 per 10 gram from Rs 48,040 a day ago. In Chennai, it remained static at Rs 46,3000. The rate in Mumbai was Rs 47,680, unchanged from Wednesday.

Prices for 24-carat gold also remained stable at Rs 48,680 for 10 gram on Thursday.

Gold traded flat in India Thursday despite easing in the international markets ahead of the release of the US inflation data.  

Silver declined by Rs 300 to Rs 71,400 per kilogram from Rs 71,700 per kilogram in the previous trade. Indian rupee ended lower at 72.97 per dollar, amid selling saw in the domestic equity market.

In the international market, Gold held in a tight range on Wednesday as investors looked forward to US inflation data that could shape the course of the Federal Reserve’s monetary policy.

Spot gold was down 0.1% at $1,891.05 per ounce by 1:44 p.m EDT (1744 GMT), while US gold futures settled 0.1% up at $1,895.50.

Traders will scan Thursday’s US consumer price index report for any signs the Fed could begin to step back from its ultra-loose monetary policy. Market participants are also awaiting a European Central Bank meeting on the same day.

Gold is considered a hedge against inflation likely spurred by large stimulus from central banks and governments around the world.