Gold remains unchanged in early trade; silver rises by Rs 900

In Mumbai ten grams of gold (24-carat and 22-carat) are selling at Rs 52,970, and Rs 48,550

FPJ Web DeskUpdated: Thursday, December 01, 2022, 10:19 AM IST
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Today, gold prices were unchanged in early trade while silver rates increased by Rs 900 per kg.

Ten grams of 24-carat gold is selling at Rs 52,970 today, meanwhile, silver is trading at Rs 62,300 per kg. According to the GoodReturns website, ten grams of 22-karat gold are currently trading at Rs 48,550.

Citywide breakdown

In Mumbai, Kolkata, and Hyderabad, ten grams of gold (24-carat and 22-carat) are selling at Rs 52,970, and Rs 48,550.

In Delhi, 24-carat and 22-carat gold is trading at Rs 53,130, and Rs 48,700, respectively.

In Chennai, 10 grams of 24-carat and 22-carat gold are trading at Rs 53,850 and Rs 49,360.

Gold prices climbed a two-week high in early Asian trade on Thursday, after US Federal Reserve Chair Jerome Powell's speech reinforced expectations of smaller interest rate hikes ahead.

Spot gold was up 0.4 percent to $1,775.77 per ounce, as of 0039 GMT, having hit its highest level since Nov. 16. US gold futures rose 1.7 percent to $1,788.90.

Lower interest rates tend to increase the appeal of bullion by lowering the opportunity cost of holding the non-yielding asset, which ended November more than 8% higher – its biggest monthly gain since July 2020.

The price of 1 kg of silver in Delhi, Mumbai, and Kolkata is Rs 62,300. In Chennai, Bengaluru, and Hyderabad, the metal is trading at Rs 68,000 per kg.

Spot silver gained 0.3 percent to $22.26.

Gold prices were little changed on Wednesday, with investors largely focusing on Federal Reserve Chair Jerome Powell's speech for insights into the US central bank's monetary policy path.

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