Gold down by Rs 270 today; silver falls Rs 3,200/kg, selling at Rs 50,800

Gold and silver prices went down Thursday’s early trade with 10 gram of yellow metal (24-carat) trading at Rs 51,270 after a decrease of Rs 270. On the other hand, silver is trading at Rs 50,800 per kg after a fall of Rs 3,200.

Ten gram of 22-carat gold is trading at Rs 47,000 after a decrease of Rs 250.

In Mumbai and Kolkata, 24-carat gold is selling at Rs 51,270 per 10 gram, while 22-carat gold is trading at Rs 47,000 in the respective cities. In Delhi, 24-carat and 22-carat gold are trading at Rs 51,440 and Rs 47,150 per 10 gm, respectively.

In Chennai, 24-carat and 22-carat gold is trading at Rs 51,860 and Rs 47,540, respectively.

Gold prices slipped to a more than one-month low on Thursday, as the dollar firmed and prospects of the US Federal Reserve continues with its aggressive policy tightening stance weighed on the zero-yielding bullion’s appeal.

Spot gold fell 0.2 per cent to $1,706.99 per ounce, as of 0100 GMT, after hitting its lowest level since July 21 at $1,704.94 earlier. The US gold futures shed 0.5 per cent to $1,717.50.

Even though gold is seen as a hedge against inflation, higher interest rates increase the opportunity cost of holding bullion and boost the dollar.

One kg of silver was trading at Rs 50,800 in Delhi, Mumbai, and Kolkata. In Chennai, Bengaluru, Hyderabad, and Kerala, silver is selling at Rs 60,000 per kg.

Spot silver dropped 0.8 per cent to $17.83 per ounce after falling to a more than two-year low.

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