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Gold, silver prices today: Gold prices touch record high of Rs 57,100, silver rates surge to Rs 70,000

Gold, silver prices today: Gold prices touch record high of Rs 57,100, silver rates surge to Rs 70,000

Gold, silver prices: Gold started on a high note this New Year due to a softer dollar last two months and over expectations that Fed would ease its policy tightening pace this year.

Gold and silver extended gains last week due to cooling inflation in the U.S. and weakness in the dollar index. Gold and silver extended gains last week due to cooling inflation in the U.S. and weakness in the dollar index.

Gold prices: Gold surged again to Rs 57,100 on Monday in the domestic market for the second day in a row. The silver prices touched Rs 70,000. On January 16, Monday, the price of 10 grams of 24-carat gold is Rs 57,100, up by Rs 110 from Friday’s price. The price of 10 grams of 22-carat gold is Rs 52,350, up by Rs 190, on average. 

Gold started on a high note this New Year due to a softer dollar last two months and over expectations that Fed would ease its policy tightening pace this year. The precious metal witnessed substantial buying interest after surpassing the round-level resistance of $1,900 for the first time in eight months. Also, a sell-off in the US Dollar Index (DXY) supported a rally in the Gold price. In the international market, spot gold was at $1,918.60 per ounce as of 0014 GMT. US gold futures fell 0.1 per cent to $1,920.10. 

“Gold and silver prices rose on Friday after U.S. Treasury Secretary Janet Yellen said the U.S. would likely hit its statutory debt limit on January 19, which triggered some renewed safe-haven demand for the precious metals. In the domestic market, gold prices hit lifetime highs and closed above 56,300 levels. 

Gold and silver extended gains last week due to cooling inflation in the U.S. and weakness in the dollar index. The dollar index slipped below 102 marks to seven months low. The U.S. 10-year bond yields also slipped below 3.50 per cent amid expectations of a slower pace of U.S. Fed rate hikes,” said Rahul Kalantri, Vice President, Commodities, Mehta Equities Ltd. 

Gold prices in India 

Gold prices change daily due to currency exchange rates, excise duty, state taxes, and making charges of jewellers, which vary from state to state. On Monday, 10 grams of 24-carat gold in Mumbai and Kolkata can be bought and sold at Rs 56,950. In Delhi, the same amount of gold can be bought at Rs 57,100, whereas in Chennai, one can buy it for Rs 58,000, which is the highest among all metropolitan cities. 

Cities 22-Carat Gold Rates 24-Carat Gold Rates
Chennai  Rs 53,170 Rs 58,000
Mumbai  Rs 52,200 Rs 56,950
Delhi  Rs 52,350 Rs 57,100
Kolkata  Rs 52,200 Rs 56,950
Bangalore  Rs 52,250 Rs 57,000
Hyderabad  Rs 52,200 Rs 56,950

The prices for 22-carat gold in Mumbai, Kolkata, Delhi, and Chennai are Rs 52,200, Rs 52,200, Rs 52,350, and Rs 53,170, respectively.

“We expect gold and silver to remain volatile in today’s session. Gold has support at $1895-1882 while resistance at $1934-1944. Silver has support at $23.92-23.65, while resistance is at $24.50-24.72. In INR terms gold has support at Rs 56,050-55,780, while resistance is at Rs56,510, 56,650. Silver has support at Rs68,950-68,420, while resistance is at Rs69,920–70,680,” said Kalantri of Mehta Equities Ltd. 

Published on: Jan 16, 2023, 10:47 AM IST
Posted by: Basudha Das, Jan 16, 2023, 10:37 AM IST