Early Friday, gold prices were steady at 51,650 rupees per 10 grams of the 24-karat yellow metal. The price of silver declined on Friday from 7,250 rupees per kilogram to 51,650 rupees.
The price of ten grams of 22 karat gold on Friday is 47,350 rupees. The price of 10 grams of 24 karat gold in Mumbai and Kolkata was 51,650 rupees while the price of 10 grams of 22 karat gold was 47,350 rupees. On Friday, the price for 10 grams of 24 and 22 karat yellow gold in Delhi was Rs 51,870 and Rs 47,550 respectively.
Gold in Chennai now sells for 53,290 rupees for 22 karat gold and 48,850 rupees for 24 karat gold. A hike in Treasury rates and expectations of higher U.S. interest rates kept gold prices lower on Friday, but broader dollar weakness kept bullion on course for its fourth weekly gain. consecutive.
As of 0120 GMT, spot gold was unchanged at $1,787.57 an ounce. Bullion, however, is up 0.7% so far this week. The price of US gold futures fell 0.2% to $1,803.10.
Despite the fact that gold is considered a hedge against inflation, rising US interest rates are making non-performing metals less attractive.
A kilogram of silver costs Rs 51,650 in Mumbai, Delhi and Kolkata. In contrast, the price of one kilogram of silver on Friday in Chennai, Bengaluru and Hyderabad is Rs 64,200. The silver spot price fell 0.1% to $20.27 per ounce.