Gold, silver prices remain unchanged in early trade

Gold, silver prices remain unchanged in early trade

In Mumbai, 10 grams of 24-carat and 22-carat gold were sold at Rs 55,960 and Rs 51,300, respectively

FPJ Web DeskUpdated: Monday, January 09, 2023, 10:00 AM IST
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Gold, silver prices remain unchanged in early trade | Image credit: Wikipedia (Representative)

The prices of both gold and silver remain unchanged on Monday. Ten grams of 24-carat gold was trading at Rs 55,960, while silver was selling at Rs 71,800 per kg.

22-carat gold was selling at Rs 51,300 per 10 grams, according to the GoodReturns website.

Citywide breakdown

In Mumbai, Kolkata, and Hyderabad, 10 grams of 24-carat and 22-carat gold were sold at Rs 55,960 and Rs 51,300, respectively.

In Delhi, 10 grams of 24-carat and 22-carat gold were trading at Rs 56,110 and Rs 51,450, respectively. In Chennai, 10 gram of 24-carat and 22-carat gold was selling at Rs 56,960 and Rs 52,210, respectively.

Gold prices edged higher on Monday and hovered near a seven-month high, supported by a weaker dollar and hopes that the Federal Reserve might slow its pace of interest rate hikes.

Spot gold was up 0.2 per cent at $1,868.89 per ounce as of 0016 GMT. US gold futures also inched 0.2 per cent higher at $1,873.80.

Higher interest rates dim gold's allure as an inflation hedge and raise the opportunity cost of holding the non-yielding bullion.

Retail gold buying in major Asian hubs was slow at the start of last week due to higher prices, but demand was seen picking up in top consumer China due to the reopening and the upcoming Lunar New Year festival.

In Delhi, Mumbai, and Kolkata, 1 kg of silver was trading at Rs 71,800, while in Chennai, it was selling at Rs 74,400

Spot silver gained 0.6 per cent to $23.95, platinum rose 0.5 per cent to $1,094.97, and palladium fell 0.1 per cent to $1,804.30.

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