Gold, silver prices today: Gold prices slip to Rs 52,150, silver prices at Rs 62,000 amid Russia-Poland tension

Gold, silver prices today: Gold prices in the domestic markets slipped on Wednesday after almost touching a three-month high on Tuesday.  On November 16, Wednesday, the price of 10 grams of 24-carat gold was Rs 52,120. The price of 10 grams of 22-carat gold was Rs 47,800 on average. One kilogram of silver can be purchased for Rs 62,000, which was down by Rs 700 from Tuesday’s price. 

In the international market, the yellow metal neared a three-month peak early on Wednesday with the US inflation showing signs of cooling down. This would mean US Fed would go for smaller rate hikes. Besides, news around Russian missiles killing two people in Poland has also boosted the demand for the yellow metal.  

The spot gold held its ground at $1,776.50 per ounce. This is the highest since in the last three months. US gold futures rose 0.2 per cent at $1,780.40 per ounce. 

"Gold prices hit a three-month high in the international market on Tuesday amid safe-haven buying in the bullion after a Russian missile strike on Poland territory ramped up fears of a NATO-led escalation in the Ukraine conflict. Silver prices, which scaled to a five-month high intra-day yesterday, were unable to hold on to its gains and ended weak," said Rahul Kalantri, VP Commodities, Mehta Equities. 

Domestic prices 

Gold prices change daily due to currency exchange rate, excise duty, state taxes, and making charges of jewellers, which vary from state to state. On Wednesday, 10 grams of 24-carat gold in Mumbai and Kolkata can be bought and sold at Rs 52,150. In Delhi, the same amount of gold can be bought at Rs 52,300 in New Delhi, whereas in Chennai, one can buy it for Rs 53,890, which is the highest among all metropolitan cities.  

The prices for 22-carat gold in Mumbai, Kolkata, Delhi, and Chennai are Rs 47,800, Rs 47,800, Rs 47,950, and Rs 49,400, respectively. 

"We expect gold and silver prices to remain volatile in today’s session amid ongoing geopolitical risks. In rupee terms, gold has support at Rs 52,570-52,350, while resistance is at Rs 52,880, 53,080. Silver has support at Rs 61,050-60,580, while resistance is at Rs 61,970–62,480," said  Kalantri.