Gold and silver prices remained unchanged during early trade on Monday. Ten grams of 24-carat gold was trading at Rs 57,440, while silver was selling at Rs 72,200 per kg.
The price of 22-carat gold was trading at Rs 52,650, according to the GoodReturns website.
Citywide breakdown
In Mumbai, Kolkata, and Hyderabad, 10 grams of 24-carat and 22-carat gold was selling at Rs 57,440 and Rs 52,650, respectively.
In Delhi, 10 grams of 24-carat and 22-carat gold was trading at Rs 57,590 and Rs 52,800, respectively. In Chennai, 10 grams of 24-carat and 22-carat gold was selling at Rs 58,370 and Rs 53,500, respectively.
On Monday, gold prices remained stable as traders waited for the US Federal Reserve to decide whether to raise interest rates this week.
As of 3:00 GMT, spot gold was unchanged at $1,926.65 per ounce. At $1,925.50, US gold futures were down 0.2%.
The Fed's policy meeting, planned on January 31–February 1, is being watched by traders. The market anticipates that the US central bank would reduce rate increases from the 50 bps announced in December to 25 basis points (bps).
As a non-yielding asset, gold often benefits from low interest rates because they lower the opportunity cost of owning metal.
In Delhi and Mumbai 1 kg of silver was trading at Rs 72,200, while in Chennai and Hyderabad, it was selling at Rs 74,200. In Kolkata, the metal was selling at Rs 72,200.
Spot silver gained 0.4 per cent to $23.65 per ounce, platinum rose 0.2 per cent to $1,014.53, and palladium climbed 1.2 per cent to $1,638.45.
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