Gold prices rise by Rs 1,310 on Saturday as compared to previous day’s rate. Ten gram of 24-carat gold is currently trading at Rs 52,200, whereas, ten gram of 22-carat gold is also trading at a higher price of Rs 47,850.
Meanwhile, silver prices also rise by Rs 400 per kg, with the precious metal trading at Rs 59,000.
In the US, gold prices witnessed a dip again on Friday, and was en route to a third straight weekly dip as a firm dollar and looming rate hikes soured appetite for the non-yielding asset, while India’s import tax hike on bullion also dampened its demand prospects. Investors also seemed to prefer the safety of the dollar amid growing recession fears on Friday, with the currency’s gains also making gold more expensive for overseas buyers. [USD/] Hawkish monetary policy from top central banks had pushed gold, which bears no interest, to its worst quarter in over a year.
In Delhi, Chennai, and Mumbai, 10 gram of 24-carat gold is selling at Rs 52,200. On the other hand, ten gram of 22-carat gold is selling at Rs 47,850. In Bangalore, 10 gram of 24-carat gold and 22-carat gold is currently trading at Rs 52,250 and Rs 47,900 respectively.
In Delhi, Mumbai, and Kolkata, 1 kg of silver is currently selling at Rs 59,000, whereas, in Chennai, 1 kg of silver is trading at Rs 65,000.
Spot gold fell 0.1% to $1,804.81 per ounce by 1:52 p.m. ET (1752 GMT), and declined 1.2% for the week. Spot silver fell 2.4% to $19.76, and has dropped about 6.5% this week, its biggest weekly fall since Jan. 2022.
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