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Gold price remain steady at Rs 59,840, silver rises Rs 100 to Rs 73,400

The price of ten grams of 22-carat gold also remained unchanged to Rs 54,850

Source: Pexels

Source: Pexels

BS Web Team New Delhi

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Gold prices remain unchanged from last close during Monday's early trade with ten grams of 24-carat gold trading at Rs 59,840, according to the GoodReturns website. Silver prices hiked Rs 100 with 1 kg of the precious metal selling at Rs 73,400.

The price of ten grams of 22-carat gold also remained unchanged at Rs 54,850.

The price of ten grams of 24-carat gold in Mumbai is at par with the price of gold in Kolkata and Hyderabad, at Rs 59,840.

The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 59,280, Rs 59,180, and Rs 59,990, respectively.

The price of ten grams of 22-carat gold in Mumbai is at par with the price of gold in Kolkata and Hyderabad, at Rs 54,850.

The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 54,950, Rs 54,900, and Rs 54,950, respectively.

Spot gold was down 0.1 per cent at $1,975.76 per ounce, as of 0104 GMT. U.S. gold futures fell 0.3 per cent to $1,977.20.

Markets are pricing in an almost 87 per cent chance of the Fed standing pat on interest rates in its May meeting, according to the CME FedWatch tool.

While gold is considered a hedge against inflation and economic uncertainties, higher interest rates tend to discourage investment in non-yielding bullion.

Shares of Deutsche Bank plunged on Friday amid concerns that regulators and central banks have yet to contain the worst shock to the banking sector since the 2008 global financial crisis.

Physical gold dealers in India were forced to offer the steepest discounts in more than a year to lure buyers put off by a record surge in local prices last week, while the banking crisis fueled steady demand in top buyer China.

The price of 1 kg of silver in Delhi, Mumbai, and Kolkata is Rs 73,400.

The price of 1 kg of silver in Bengaluru, Chennai, and Hyderabad is Rs 76,000.

Spot silver was flat at $23.22 per ounce, platinum fell 0.2 per cent to $974.74 and palladium was 0.2 per cent lower at $1,413.58.

(With inputs from Reuters)

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First Published: Mar 27 2023 | 8:43 AM IST

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