Gold remains unchanged, silver increases in early trade

Gold remains unchanged, silver increases in early trade

FPJ Web DeskUpdated: Monday, March 27, 2023, 12:37 PM IST
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Gold remains unchanged, silver increases in early trade | Image: Wikipedia (Representative)

Gold prices remained unchanged from the last close during Monday's early trade with 10 grams of 24-carat gold trading at Rs 59,840. Silver prices increased by Rs 100 with 1 kg of the precious metal selling at Rs 73,400.

The price of ten grams of 22-carat gold also remained unchanged to Rs 54,850, according to the GoodReturns website.

Citywide breakdown

In MumbaiKolkata, and Hyderabad, 10 grams of 22-carat and 24-carat gold are trading at Rs 54,850, and Rs 59,840, respectively.

In DelhiBengaluru, and Chennai, 10 grams of 22-carat gold is at Rs 54,950, Rs 54,900, and Rs 54,950, respectively.

In DelhiBengaluru, and Chennai, 10 grams of 24-carat gold is at Rs 59,280, Rs 59,180, and Rs 59,990, respectively.

Spot gold was down 0.1 per cent at $1,975.76 per ounce, as of 0104 GMT. U.S. gold futures fell 0.3 per cent to $1,977.20.

Markets are pricing in an almost 87 per cent chance of the Fed standing pat on interest rates in its May meeting, according to the CME FedWatch tool.

Higher interest rates tend to deter investment in non-yielding bullion, despite the fact that gold is regarded as a buffer against inflation and economic unpredictability.

In response to worries that regulators and central banks have not yet managed to prevent the greatest shock to the banking industry since the 2008 global financial crisis, shares of Deutsche Bank fell sharply on Friday.

While the banking crisis fueled steady demand in top buyer China, physical gold dealers in India were compelled to offer the largest discounts in more than a year to entice buyers turned off by a record surge in local prices last week.

In DelhiMumbai, and Kolkata, the price of 1 kg of silver is Rs 73,400.

In BengaluruChennai, and Hyderabad, the price of 1 kg of silver is Rs 76,000.

Spot silver was flat at $23.22 per ounce, platinum fell 0.2 per cent to $974.74 and palladium was 0.2 per cent lower at $1,413.58.

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