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Gold, silver prices today: Yellow metal rises to Rs 50,730 despite falling rupee; silver down to Rs 56,800

Gold, silver prices today: Yellow metal rises to Rs 50,730 despite falling rupee; silver down to Rs 56,800

Gold, silver prices on September 24: On Friday, Gold futures dipped to a six-month low of Rs 49,250 per 10 gram painting a gloomy picture for traders. Silver futures were down at Rs 56,275 per kg.

In the international market, the yellow metal on Friday sank against a surging dollar, dropping to new 2.5-year lows In the international market, the yellow metal on Friday sank against a surging dollar, dropping to new 2.5-year lows

Domestic gold prices rose again on Saturday despite a falling Rupee and a stronger dollar. Gold prices in India were up to Rs 50,730, up Rs 530 from yesterday's close of Rs 50,200, for 10 grams of 24-carat gold. The price for 10 grams of 22-carat gold is Rs 46,500 after an increase of Rs 500. The silver prices were down to Rs 56,800 per kg. 

On Friday, gold futures fell to a six-month low of Rs 49,250 per 10 grams. On MCX gold futures settled at Rs 49,399, down 1.2 per cent, while silver at Rs 56,275 per kg, down 3 per cent. 

Also read: Gold, silver prices today: Gold rates up again to Rs 50,360, silver surges to Rs 58,000 ahead of festive season

In the international market, the yellow metal on Friday sank against a surging dollar, dropping to new 2.5-year lows as this week's raft of central-bank interest rate hikes saw stock markets, bond prices, commodities, and cryptocurrencies all tumble. In New York, the gold prices were below $1,660 on Friday. Spot gold price finished at a 2-year low of $1,643 per ounce after hitting its intraday low of $1,639 per ounce. 

Gram Price for 22-carat gold Price for 24-carat gold
1 gram Rs 4,650 Rs 5,073
10 grams Rs 46,500 Rs 50,730

Domestic prices 

In Mumbai and Kolkata, 24-carat gold is selling at Rs 50,730 per 10 gram, while 22-carat gold is trading at Rs 46,500, respectively. In Delhi, 24-carat and 22-carat gold are trading at Rs 50,890 and Rs 46,650 per 10 gm, respectively. 

In Chennai, 24-carat and 22-carat gold is trading at Rs 50,950 and Rs 46,700, 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.  

Cities 22-Carat Gold Rates 24-Carat Gold Rates
Chennai  Rs 46,700 Rs 50,850
Mumbai  Rs 46,500 Rs 50,730
Delhi  Rs 46,650 Rs 50,890
Kolkata  Rs 46,500 Rs 50,730
Bangalore  Rs 46,550 Rs 50,780
Hyderabad  Rs 46,500 Rs 50,730

Gold and inflation 

Commodity prices sank worldwide on Friday. Volatility in the markets and dramatic FX plays did not leave gold untouched as the precious metal fell another 1.7 per cent this week in the international market. After raising rates by 75 basis points for the third time in a row, the US Fed upped its fund rates to 4.4 per cent by the end of 2022 and to 4.6 per cent in 2023. All this will affect the gold prices further.  

Also read: Motilal Oswal floats Gold and Silver ETFs Funds of Funds; check offer, other details here

Though gold is considered a safe investment during times of financial uncertainty, rising interest rates mellow down its appeal since it yields no interest. Experts feel that though the base trend for gold is negative due to hawkish Fed measures, but there can be signs of revival or at least the US dollar can lend some support. Like, the weaker rupee, which touched the 81 mark on Friday, has helped lend some support to domestic prices. 

Published on: Sep 24, 2022, 9:48 AM IST
Posted by: Basudha Das, Sep 24, 2022, 9:39 AM IST