(Reuters) - Gold slipped on Thursday, heading for its worst quarter in five as a hawkish tone from global central banks dimmed appeal for the non-yielding asset.
Silver is trading at Rs 59,400 per kg
In Delhi, Kolkata, and Bangalore, 10 gram of 24-carat gold is trading at Rs 51,980
Spot gold was flat at $1,817.01 per ounce by 0615 GMT. U.S. gold futures were little changed at $1,816.90
Gold prices in a shaky situation as price hikes have created recession concerns among investors
Spot gold fell 0.2% to $1,817.00 per ounce by 0920 GMT, holding a tight range between $1,814.30 - $1,822.76. U.S. gold futures were down 0.2% to $1,817.60.
Spot gold was up 0.1% at $1,821.57 per ounce by 0254 GMT. U.S. gold futures firmed 0.1% at $1,823.10
Although gold is considered a hedge against inflation and economic uncertainties, rate hikes dim bullion's appeal by increasing the opportunity cost of holding the asset which pays no interest.
Spot gold held its ground at $1,824.51 per ounce, as of 0246 GMT. U.S. gold futures were flat at $1,824.50
"The G7 import ban on Russian gold seems to be providing some short-term support in early Asia (trading)," OANDA senior analyst Jeffrey Halley said
Gold futures need to break above Rs 51,300 for fresh gains to emerge, on the downside break of Rs 50,300 can trigger a slide to Rs 49,400-odd level.
Silver, unchanged on Monday, is trading at Rs 59,800 per kg
Silver too opened in the low and is trading at Rs 60,000 per kg. The precious metal is down by Rs 200 as compared to previous day's rate.
The prices of silver went down by Rs 300 with the precious metal trading at Rs 60,200 per kg
Spot gold rose 0.3% to $1,842.85 per ounce by 1411 GMT. U.S. gold futures inched 0.4% higher to $1,845.20
Spot gold fell 0.2% to $1,834.33 per ounce by 0733 GMT. U.S. gold futures eased 0.1% to $1,835.60
Meanwhile, silver is also witnessing a fall of Rs 500 as compared to the previous day's rate. 1 kg of silver is trading at Rs 60,500
Gold prices went down in Wednesday's early trade from the previous day's rate by Rs 100, with 10 gram of yellow metal (24-carat) selling at Rs 51,980
Gold prices inched higher in today's early trade from the previous day's price by Rs 100, with 10 gram of yellow metal (24-carat) selling at Rs 52,080
The bias for MCX Gold August futures is likely to remain bullish as long as the commodity sustains above Rs 51,600, below which prices can dip to Rs 51,300 to Rs 51,200.