 "Gold rates slightly changed, down by Rs 20/10 gm; silver rises by Rs 1,800")
Gold prices slightly went down in Wednesday's early trade with 10 gram of the yellow metal (24-carat) trading at Rs 50,980 after a change of Rs 20. On the other hand, the price of silver increased by Rs 1,800 per kg with the metal trading at Rs 57,000.
Ten grams of 22-carat gold is trading at Rs 46,730 today after a decrease of Rs 20.
In Mumbai and Kolkata, 24-carat gold is selling at Rs 50,980 per 10 gram, while 22-carat gold is trading at Rs 46,730 in the respective cities. In Delhi, 24-carat and 22-carat gold are trading at Rs 51,140 and Rs 46,880 per 10 gm, respectively.
In Chennai, 24-carat and 22-carat gold is trading at Rs 51,550 and Rs 47,250, respectively.
Gold prices fell more than 1 per cent as the dollar jumped after an unexpected rise in monthly consumer prices that could support the case for aggressive rate hikes from the Federal Reserve. Spot gold prices dropped more than 1 per cent after higher-than-expected US inflation data, and were trading 1.6 per cent lower at $1,697.30 per ounce by 9.10 am ET (1310 GMT). US gold futures fell 1.8 per cent to $1,709.90.
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 57,000. In Chennai, Bengaluru, and Hyderabad, one kg of silver is selling at Rs 62,400.
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