Gold prices were unchanged on Wednesday with 10 grams of the yellow metal (24 carats) trading at Rs 50,640, according to website GoodReturns. The price of silver fell by Rs 200, to Rs 56,400 from Rs 56,600 yesterday.
The price of 22 karat gold also remained unchanged at Rs 46,420.
In Mumbai and Kolkata, 24 karat gold sells for Rs 50,640 per 10 grams, while 22 karat gold trades at Rs 46,420, respectively.
In Delhi, 24 karat and 22 karat gold are trading at Rs 50,790 and Rs 46,570 for 10g, respectively.
In Chennai, 24k and 22k gold are trading at Rs 51,310 and Rs 47,050, respectively. Meanwhile, 1 kg of silver is selling at Rs 56,400 today. In Mumbai, Delhi and Kolkata, 1 kg of silver sells for Rs. 56,400, while in Chennai, Bangalore and Hyderabad, 1 kg of silver sells for Rs 61,800.
Gold prices in the United States fell as the dollar stabilized, while the US Federal Reserve’s commitment to tightening monetary policy also weighed on the attractiveness of zero-return bullion.
Spot gold was down 0.1% at $1,650.75 an ounce, by 0125 GMT. US gold futures rose 0.1% to $1,657.30
Gold is very sensitive to rising US rates, which increases the opportunity cost of holding the non-performing asset.