A recession looming on the horizon, multiple banks jostled by crisis and caution ahead of further rate hikes, have left investors looking for safe investment options. Among tangible assets, gold has continued to retain its glitter as a hedge against volatility, and remains connected to tradition for Indian investors.
Gold makes small gains
After hitting record levels, the yellow metal had hit lowest levels in two weeks, but has made marginal gains ahead of festivities.
Days before Akshaya Tritiya, which is considered as an auspicious occasion to buy gold, prices of the precious metal have inched up by Rs 200 to hit Rs 56,050 for 10 grams of 22 carat.
As for 24 carat gold, the rates have jumped to Rs 61,150 per 10 grams, with prices varying across cities.
Prices vary across the country
Chennai's markets have the costliest gold at Rs 61,800 for 24 carat quality, followed by Delhi at Rs 61,310.
People of Bengaluru can buy 10 grams of the yellow metal for Rs 61,200, while the rates are at 61,150 for Mumbai, Kolkata, and Hyderabad.
India's second most sought-after precious metal Silver is worth Rs 776 for 10 grams in Mumbai and Delhi, while buyers in Bengaluru and Chennai can get it for Rs 810.
