Unchanged prices for gold and silver; trading in yellow metals at Rs 51.110/ 10 grams

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The price of 10 grams of 24-carat gold is unchanged for Saturday. 10 grams of 24-carat Gold are currently traded at Rs 51 110, while 10 grams of 22-carat Gold trade at Rs 46,850.


One kg of precious metals trading at Rs 57,000 remains unaffected.


On Friday, gold in the US was set to tumble for the fourth week straight. This was caused by the dollar’s climb and as bets for sharp interest rate hikes gained momentum after US jobs data. Gold has been losing its appeal as a safe-haven asset, despite rising recession risks. Instead, investors have opted to invest in the dollar, which has risen to new two-decade highs. [USD/]Higher interest rates reduce the value of gold, as they result in a higher cost of holding it.


Ten grams of 24-carat Gold are currently selling for Rs 51,110 in Delhi, Mumbai, and Kolkata. Similarly, Rs 46,850 is being sold for 10 grams of 22-carat Gold. 10 grams of 24-carat and 22-carat Gold are currently available in Chennai at Rs 51,010, Rs 46,760, respectively.


One kg of silver sells for Rs 57,000 in Delhi, Mumbai, Kolkata and Kolkata. In Chennai, however, it is Rs 62,500.


Spot gold was 0.1% higher at $1,741.94/ounce by 2:49 PM. ET (1849 GMT). Bullion has seen a drop of 3.7% this week. This would be the worst since mid May. Spot silver increased 0.4% to $19.27 an ounce.

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