Gold prices on Wednesday remained unchanged in early trade, with 10 gram of the precious metal (24-carat) trading at Rs 51,980, and 10 gram of 22-carat gold trading at Rs 47,650. Silver prices declined on Wednesday by Rs 300, with the metal trading at Rs 60,000 per kg.
Meanwhile, in the US, gold prices were hemmed in a tight range on Tuesday as prospects of higher interest rates challenged bullion’s safe-haven appeal while recession risks boosted it.
Spot gold edged 0.1 per cent lower to $1,820.31 per ounce by 2:09 p.m. ET (1809 GMT) and spot silver fell 1.5 per cent to $20.82 per ounce. US gold futures settled down 0.2 per cent at $1,821.2
In Delhi, Kolkata, and Bangalore, 10 gram of 24-carat gold is trading at Rs 51,980, according to the goodreturns website. Meanwhile, 10 gram of 22-carat gold is selling at Rs 47,650 in Delhi, Kolkata, and Bangalore.
Prices of both 24-carat and 22-carat gold per 10 gram in Chennai are trading slightly higher at Rs 52,030 and Rs 47,700, respectively on Wednesday.
A kg of silver is trading at Rs 60,000 in cities like Delhi, Mumbai, and Kolkata, whereas, 1 kg of silver is selling at Rs 65,600 in Chennai.
(With inputs from Reuters)
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Read More: Gold trading at Rs 51,980 per 10 gram; Silver down by Rs 300 per kg