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Gold price remains stable at Rs 60,160, silver price unchanged at Rs 78,000

The price of 22-carat gold remained flat, with the precious metal selling at Rs 55,150

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Photo: Bloomberg

BS Web Team New Delhi

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Gold price remained unchanged during Monday's early trade, with ten grams of 24-carat gold trading at Rs 60,160 according to the GoodReturns website. Silver price, on the other hand remained flat with 1 kg of the precious metal selling at Rs 78,000.

The price of 22-carat gold remained stable, with the precious metal selling at Rs 55,150.

The price of ten grams of 24-carat gold in Mumbai is at par with that in Kolkata and Hyderabad, at Rs 60,160.

The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 60,320, Rs 60,160, and Rs 60,600, respectively.

The price of ten grams of 22-carat gold in Mumbai is at par with that of gold in Kolkata and Hyderabad, at Rs 55,150.

The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 55,300, Rs 55,150, and Rs 55,550, respectively.

Spot gold was little changed at $1,960.30 per ounce by 0340 GMT. Bullion gained nearly 0.3% last week.

With a Fed rate hike in the July meeting nearly certain, "a positive outlook for gold revolves around central bank buying to drive long-term gold prices," said Michael Langford, chief investment officer at Scorpion Minerals.
Data on Friday showed COMEX gold speculators raised net long position by 35,288 contracts to 135,907 in the week ended July 18. [CFTC/]
Additionally, the risk of a U.S. recession, evident in the inverted yield curve, could lift gold investment, ANZ analysts highlighted in a note.
Gold is considered as a safe store of value during economic and geopolitical uncertainties and typically does well when interest rates are low or near zero.

(With inputs from Reuters)

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First Published: Jul 24 2023 | 10:35 AM IST

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