Gold prices remain unchanged on Saturday. 10 gram of 24-carat gold is currently trading at Rs 51,110, whereas, 10 gram of 22-carat gold is trading at Rs 46,850.
Silver prices also remain unchanged with one kg of precious metal trading at Rs 57,000.
In US, gold was on course to fall for a fourth straight week on Friday, hurt by the dollar’s ascent and as bets for steep interest rate hikes gained traction after healthy US jobs data. Lately, gold has failed to attract safe-haven flows despite growing recessions risks as investors have instead opted for the dollar, which has marched to fresh two-decade highs. [USD/] Higher interest rates sour the appeal of gold by translating into increased opportunity cost of holding the asset since it yields no interest.
In Delhi, Mumbai, Kolkata, ten gram of 24-carat gold is selling at Rs 51,110, whereas, 10 gram of 22-carat gold is selling at Rs 46,850. In Chennai, 10 gram of 24-carat gold and 22-carat gold is currently trading at Rs 51,010 and Rs 46,760 respectively.
In Delhi, Mumbai, and Kolkata, one kg of silver is selling at Rs 57,000, whereas, one kg of silver in Chennai is selling at Rs 62,500.
Spot gold was up 0.1% at $1,741.94 per ounce by 2:49 p.m. ET (1849 GMT). Bullion has lost about 3.7% so far this week, which would be its worst since mid-May. Spot silver rose 0.4% to $19.27 per ounce.