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Gold prices remained untouched in Thursday's early trade with 10 gram of the yellow metal (24-carat) trading at Rs 49,970, according to the Good Returns website. On the other hand, the price of silver fell by Rs 400, and the metral is trading at Rs 55,000 per kg. Meanwhile, ten grams of 22-carat gold is trading at Rs 45,800.
In Mumbai and Kolkata, 24-carat gold is selling at Rs 49,970 per 10 gram, while 22-carat gold is trading at Rs 45,800, respectively. In Delhi, 24-carat and 22-carat gold are trading at Rs 50,130 and Rs 45,950 per 10 gm, respectively.
In Chennai, 24-carat and 22-carat gold is trading at Rs 50,450 and Rs 46,250, respectively.
Gold prices retreated on Thursday as the U.S. dollar firmed on concerns that rising interest rates would spark a global recession, making greenback-priced bullion more expensive for overseas buyers. Spot gold was down 0.2 per cent at $1,656.59 per ounce, as of 0142 GMT. In the previous session, bullion rose as much as 2 per cent. The US gold futures dipped 0.2 per cent to $1,667.10.
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 55,000. In Chennai, Bengaluru, and Hyderabad, one kg of silver is selling at Rs 60,000.
Spot silver fell 0.4 per cent to $18.82 per ounce
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First Published: Thu, September 29 2022. 08:51 IST