Gold, silver prices today: Gold prices at Rs 50,200, silver Rs 56,300 amid slowing global economic activity

Domestic gold prices showed a slight dip in rates after the yellow metal touched its 2-1/2-year low on Monday in international markets mostly due to a stronger dollar and prospects of further interest rate hikes by the US Federal Reserve. India's gold prices were Rs 50,200 for 10 grams of 24-carat gold. The price for 10 grams of 22-carat gold was Rs 46,000. The silver prices were at Rs 56,300 per kg.

On Monday, the gold futures dipped by 0.8 per cent dip and were recorded at Rs 49,362. Silver futures however fell sharply to Rs 55,714 per kg, down about 1 per cent.

In the international market, gold prices have taken a hit, majorly pulled down by a firmer US dollar and aggressive stance on interest rates to tame inflation. In global markets, Spot gold gained 0.6% at $1,631.89 per ounce, as of 0103 GMT. Prices hit their lowest level since April 2020 at $1,620.20 on Monday. US gold futures rose 0.3 per cent to $1,638.1.The dollar index dipped 0.2 per cent easing off a two-decade peak hit in the previous session.

Spot silver shed 1.6 per cent to $18.54 per ounce, having fallen to its lowest in more than two weeks.

Domestic prices

In Mumbai and Kolkata, 24-carat gold is selling at Rs 50,200 per 10 gram, while 22-carat gold is trading at Rs 46,000, respectively. In Delhi, 24-carat and 22-carat gold are trading at Rs 50,350 and Rs 46,150 per 10 gm, respectively.

In Chennai, 24-carat and 22-carat gold are trading at Rs 50,740 and Rs 46,510, respectively. It is to be noted that gold prices vary from city to city and depend on taxes and duties levied by the state government.

Gold's future

In the last few months, the yellow metal has seen a lot of turmoil in its prices with an upside bias as geopolitical tensions have gripped the world.

On Monday, OECD said global economic growth is slowing more than it was forecast a few months ago in the wake of Russia's invasion of Ukraine, as energy and inflation crises risk snowballing into recessions in major economies. Fed officials on Monday sloughed off rising volatility in global markets, from slumping US stocks to currency turbulence abroad, and said their priority remained controlling domestic inflation. Rate hikes increase the opportunity cost of holding bullion, which pays no interest while boosting the greenback.

(With agency inputs)