Prices of gold and silver prices dipped on Thursday, September 8, over weak demand and weak global prices after the US dollar and Treasury yields jumped following upbeat economic data, analysts said. One gram of 22-carat gold will be available for Rs 4,640 on Thursday as against Rs 4,690 on Wednesday, whereas one gram of 24-carat gold is available for Rs 5,062 as against Rs 5,116 yesterday. Silver prices too dropped to Rs 52,800 per kilogram from Rs 53,900 on Wednesday.
On Wednesday, domestic gold prices dipped in the evening with MCX gold futures sliding by 0.48 per cent and touching Rs 50,038 per 10 grams. White metal futures dropped 0.72 per cent to Rs 50,038 per kilogram.
|Gram||Price for 22-carat gold||Price for 24-carat gold|
|1 gram||Rs 4,640||Rs 5,1062|
|10 grams||Rs 46,400||Rs 50.620|
In the national capital Delhi, the gold price for 24-carat (10 grams) is Rs 50,770 while 22 carat (10 grams) is Rs 46,550. In Kolkata, 24-carat gold (10 grams) is available for Rs 50,620, while 22 carat (10 grams) is available for 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 51,550, and 22 carat (10 grams) is available for Rs 47,250.
Gold price in top cities
|City||22-carat gold||24-carat gold|
|Chennai||Rs 47,250||Rs 51,550|
|Mumbai||Rs 46,400||Rs 50,620|
|Delhi||Rs 46,550||Rs 50,770|
|Kolkata||Rs 46,400||Rs 50,620|
|Hyderabad||Rs 46,400||Rs 50,620|
|Bangalore||Rs 46,450||Rs 50,670|
A strong US dollar and rising US Treasury yields continue to put pressure on buying interest in the metals markets. Global gold prices fell as the US dollar and Treasury yields jumped after upbeat economic data strengthened the belief that the US Federal Reserve will continue to hike interest rates aggressively. Spot gold was down 0.5 per cent at $1,692.99 per ounce as of 0330 GMT, having earlier fallen to a one-week trough. US gold futures fell 0.6 per cent to $1,703.30.
The Fed is expected to deliver a 75-basis point rate increase on September 21. The central bank has raised its benchmark interest rate by 225 basis points since March in a bid to fight soaring inflation, which is at its worse in decades.
(With agency inputs)
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