Gold prices fall, silver rises in early trade

In Mumbai, 10 grams of gold (24-carat and 22-carat) was selling at Rs 54,330, and Rs 49,800, respectively

FPJ Web DeskUpdated: Tuesday, December 13, 2022, 04:07 PM IST
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Gold prices witnessed a drop in Tuesday's early trade with ten grams of the yellow metal (24-carat) trading at Rs 54,330. Silver, on the other hand, rose by Rs 90 and was trading at Rs 69,000 per kg today.

Ten gram of 22-carat gold was trading at Rs 49,800 today, according to the GoodReturns website.

Citywide breakdown

In Mumbai, Kolkata, and Hyderabad, Kerala and Pune, 10 grams of gold (24-carat and 22-carat) was selling at Rs 54,330, and Rs 49,800, respectively.

In Delhi, 24-carat and 22-carat gold was trading at Rs 54,490, and Rs 49,950, respectively. In Chennai, 10 grams of 24-carat and 22-carat gold was trading at Rs 55,040 and Rs 50,450, respectively.

Gold prices slipped on Monday as investors stayed on the side-lines awaiting US inflation data and the Federal Reserve's rate-hike decision later this week.

Spot gold was down 0.9 per cent at $1,780.19 per ounce by 15.29 pm ET (2029 GMT). US gold futures settled 1 per cent lower at $1,792.30.

Goldman Sachs expects gold, with its real demand drivers, to outperform the highly volatile bitcoin in the long term, the bank wrote in a Monday research note.

Additionally, seizures of smuggled gold in India reached a three-year high this year after the government raised the import duty on the precious metal and international flights resumed following Covid-19 curbs.

Meanwhile, spot silver dipped 0.7 per cent to $23.30 per ounce.

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