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Gold, silver prices today: Yellow metal rates continue to struggle at Rs 50,770, silver prices up to Rs 57,000

Gold, silver prices today: Yellow metal rates continue to struggle at Rs 50,770, silver prices up to Rs 57,000

Gold, silver prices today: On September 15, gold was trading at Rs 46,540 per 10 gram for 22 carats, while 24-carat was available at Rs 50,770 per 10 gram. The silver prices showed some improvement and were up to Rs 57,000

In the international market, spot gold fell 0.2% to $1,698.14 per ounce, as of 0120 GMT. In the international market, spot gold fell 0.2% to $1,698.14 per ounce, as of 0120 GMT.

Gold prices in India continued to dip on Thursday mostly due to inflation fears and a stronger US dollar. On September 15, gold was trading at Rs 46,540 per 10 gram for 22 carats, while 24-carat was available at Rs 50,770 per 10 gram. The silver prices showed some improvement and were up to Rs 57,000 in the early hours. On the Multi-Commodity Exchange (MCX), gold futures were trading lower by 0.13 per cent at Rs 50,075 for 10 grams on Wednesday. Silver prices were down by 0.68 per cent and were trading at Rs 56,423 per kg on September 14. 
In the international market, spot gold fell 0.2% to $1,698.14 per ounce, as of 0120 GMT. On Tuesday, prices fell 1.3%, its biggest one-day percentage decline since July 14. US gold futures were down 0.4% at $1,710. 
Spot silver dipped 0.2% to $19.29 per ounce. Platinum edged 0.3% higher to $880.67 and palladium fell 1% to $2,083.18.

Gram Price for 22-carat gold Price for 24-carat gold
1 gram Rs 4,654 Rs 5,077
10 grams Rs 46,540 Rs 50,770

Domestic prices 
 
In the national capital Delhi, the gold price for 24 carats (10 grams) is Rs 50,780 while 22 carats (10 grams) is available at Rs 46,400. In Kolkata, 24-carat gold (10 grams) is available for Rs 50,620, while 22 carat (10 grams) is Rs 46,400. On the other hand, the price of 24-carat gold (10 grams) in Mumbai is Rs 50,620, while 22-carat gold (10 grams) is Rs 46,400. In Chennai, 24-carat gold (10 grams) is available for Rs 51,280, and 22 carat (10 grams) is available for Rs 47,010. It is to be noted that gold prices vary from city to city and depend on taxes and duties levied by the state government.

Also read: Gold price on Sept 14: Gold rates dip to Rs 50,980 as demand goes down due to high inflation, stronger dollar

Cities 22-Carat Gold Rates 24-Carat Gold Rates
Chennai  Rs 47,010 Rs 51,280 
Mumbai  Rs 46,400  Rs 50,620
Delhi  Rs 46,400 Rs 50,780
Kolkata  Rs 46,400  Rs 50,620
Bangalore  Rs6,450 Rs 50,680  
Hyderabad  Rs 46,400  Rs 50,620 

US Fed rates and gold prices 

As underlying inflation accelerated in the US in August amid rising costs for rents and healthcare, the US Fed is likely to raise U.S. borrowing costs faster. It is expected that it might hike the interest rate by 75 basis points next Wednesday. A handful of economists feel that the US Fed may go for a 100 bps hike next week to control inflation and keep it as is for a while. 

Even though gold is seen as a hedge against inflation, higher interest rates increase the opportunity cost of holding the bullion while boosting the dollar, in which the yellow metal is priced. Analysts strongly feel that gold may touch $1680 and $1630 after the next interest rate hike.