Silver prices fell by Rs 300 in Thursday's early trade, with 1 kg of silver trading at Rs 61,400
The price of 10 grams of 22-carat gold in Delhi, Bengaluru, and Chennai was Rs 47,460, Rs 47,410, and Rs 48,150, respectively.
Bullion prices hit a three-week peak in the previous session, buoyed by a weaker US dollar
The price of ten grams of 22 carat gold in Delhi, Bengaluru, and Chennai is Rs 47,160, Rs 47,060, and Rs 47,710, respectively.
The price of 10 grams of 22 carat gold in Delhi, Bengaluru, and Chennai is Rs 46,240, Rs 46,140, and Rs 47,160, respectively.
The reserves had increased by 100 tonnes in the last two years; currently stand at 785.35 tonnes
Gold prices were flat on a firmer dollar, although the bullion was anchored in a narrow range with investors awaiting further guidance on US Federal Reserve's policy tightening
Those who desire liquidity should opt for a gold ETF having low expense ratio and high volume
In Mumbai, Delhi and Kolkata, 1 kg of silver is selling at Rs. 56,400, while in Chennai, Bengaluru and Hyderabad, 1 kg of silver is selling at Rs 61,800
Demand for gold jewelry, coins and bars typically peaks in the world's second-biggest consumer over October to December, driven by festivals including Diwali
Gold prices rose after declining more than 1% in the previous session, as a pause in the dollar rally alleviated some pressure from the greenback-priced bullion
Gold-supplying banks have cut back shipments to India ahead of major festivals in favour of focusing on China, Turkey, and other markets where better premiums are offered
During intraday trade, spot gold was down 0.1% at $1,641.59 per ounce as of 5.30 pm, after dropping as much as 1 per cent earlier to its lowest since April 2020 at $1,626.41 in the Asia session
Gold prices fell to a new 2-1/2-year low on Monday, weighed down by a sturdy dollar and prospects of further interest rate hikes by the U.S. Federal Reserve to bring down inflation.
In Mumbai, the yellow metal is going at a discount of $7-10 per ounce while in Ahmedabad it is $7
Gold and silver rates went up in early trade with 10 gram of yellow metal (24-carat) trading at Rs 50,130
Use current correction to build a 10-15% allocation to yellow metal
The dollar index eased 0.4% on Wednesday, making gold less expensive for overseas buyers
U.S. gold futures were down 0.2% to $1,737.00
Gold's moves seemed to be overshadowed by silver, which usually follows gold but can be additionally influenced by economic cues given its industrial uses