The prices of 24-carat and 22-carat gold have further dropped on Thursday, hinting at a dull week ahead, market experts said. While 10 gram of 22-carat gold will cost you between Rs 47,000 and Rs 47,540, the same amount of 24-carat gold is available between Rs 51,270 and Rs 51,860.
On the other hand, silver is trading at Rs 50,800 per kg after a fall of Rs 3,200.
In the international market, falling by 0.2 per cent, spot gold was trading at $1,706.99 per ounce, as of 0100 GMT. It was its lowest level since July 21 at $1,704.94. The US gold futures shed 0.5 per cent to $1,717.50.
In the last one month, gold prices have slipped as the US dollar has firmed its position in the market after the US Federal Reserve said that it will continue with its aggressive policy to hike interest rates in a bid to control inflation in its markets. This has heavily weighed on the zero-yielding bullion's appeal.
In the domestic market, the price of 24-carat gold (10 grams) is now Rs 51,270, and 22-carat gold (10 grams) is Rs 47,000. In the national capital New Delhi, the gold rate for 24 carats (10 grams) is Rs 51,440 while 22 carat (10 grams) is Rs 47,150. Similarly, the gold price in Chennai for 24 carats is Rs 51,860 while the 22 carat is Rs 47,540. The rate of gold for 24 carats in Kolkata is Rs 51,270 while 22 carats is Rs 47,000. The Mumbai rates are Rs 51,270 for 24-carat gold and Rs 47,000 for 22-carat gold.
|Cities||22-Carat Gold Rates Today||24-Carat Gold Rates Today|
|Chennai||Rs 47,540||Rs 51,860|
|Mumbai||Rs 47,000||Rs 51,270|
|Delhi||Rs 47,150||Rs 51,440|
|Kolkata||Rs 47,000||Rs 51,270|
|Bangalore||Rs 47,050||Rs 51,320|
|Hyderabad||Rs 47,000||Rs 51,270|
|Ahmedabad||Rs 47,050||Rs 51,320|
|Lucknow||Rs 47,150||Rs 51,440|
One kg of silver was trading at Rs 50,800 in Delhi, Mumbai, and Kolkata. In Chennai, Bengaluru, Hyderabad, and Kerala, silver is selling at Rs 60,000 per kg. Spot silver dropped 0.8 per cent to $17.83 per ounce after falling to a more than two-year low.
Will Gold price drop further?
According to market experts, the only good news for the investors is that the gold price is not expected to fall much further because most of the downside risk has already been priced in.
This means that though the valuable metal is facing significant downside risks at present, it is expected to gain due to factors such as recession risk, a price-responsive physical market, already scaled-back positioning, and elevated inflation worldwide.
(With Agency inputs)
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