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Gold, silver prices today surge to Rs 51,000 in early trade, global rates climb up due to softer dollar

Gold, silver prices today surge to Rs 51,000 in early trade, global rates climb up due to softer dollar

Gold prices on September 9 are at Rs 51,000 for 10 grams of 24-carat, and Rs 46,750 for 22-carat. Silver prices increased by Rs 1,400 per kg, with the metal trading at Rs 54,200.

Gold, silver prices: In the global market, spot gold rose 0.4 per cent to $1,713.62 per ounce as of 0110 GMT, while US gold futures were up 0.3 per cent at $1,724.90. Gold, silver prices: In the global market, spot gold rose 0.4 per cent to $1,713.62 per ounce as of 0110 GMT, while US gold futures were up 0.3 per cent at $1,724.90.

Prices of gold and silver prices surged on Friday, September 9, by a dip in the US dollar, experts said. In the domestic market, 10 grams of yellow metal (24-carat) is available at Rs 51,000, up Rs 270, while the price for 22-carat is at Rs 46,750, up Rs 250 from yesterday. Silver prices increased by Rs 1,400 per kg, with the metal trading at Rs 54,200.   

In the global market, spot gold rose 0.4 per cent to $1,713.62 per ounce as of 0110 GMT, while US gold futures were up 0.3 per cent at $1,724.90. On Friday, the dollar index was down 0.3 per cent, which is its lowest this week.  

Gram Price for 22-carat gold Price for 24-carat gold
1 gram Rs 4,675 Rs 5,100
10 grams Rs 46,750 Rs 51,000

Domestic prices 

In the national capital Delhi, the gold price for 24 carats (10 grams) is Rs 51,150 while 22 carat (10 grams) is Rs 46,900. In Kolkata, 24-carat gold (10 grams) is available for Rs 51,000, while 22 carat (10 grams) is Rs 46,750. On the other hand, the price of 24-carat gold (10 grams) in Mumbai is Rs 51,000, while 22-carat gold (10 grams) is Rs 46,750. In Chennai, 24-carat gold (10 grams) is available for Rs 51,650, and 22 carat (10 grams) is available for Rs 47,350. 

Also Read: Gold, silver prices today dip after three days, global rates under pressure over strong dollar, Treasury yields

Table 2: Gold price in top cities 

City 22-carat gold 24-carat gold
Chennai Rs 47,350 Rs 51,650
Mumbai Rs 46,750 Rs 51,000
Delhi Rs 46,900 Rs 51,150
Kolkata Rs 46,750 Rs 51,000
Hyderabad Rs 46,800 Rs 50,620
Bangalore Rs 46,750 Rs 51,050

Gold prices and futures 

In the last few weeks, gold prices witnessed a vertical drop after Federal Reserve (Fed) chair Jerome Powell gave a hawkish speech to tame inflation. Powell said he is strongly committed to bringing price stability with odds of lower sacrifice in overall demand against prior instances of fighting inflation. The US central bank is expected to raise the fed funds rate by another 75 basis points on September 21, which would again affect the gold prices globally. Higher interest rates increase the opportunity cost of holding the non-yielding bullion and boost the dollar. 

The scenario is similar in other countries. On Thursday, the European Central Bank raised its key interest rates by 75 basis points and promised further hikes to combat inflation.