Gold prices saw a modest dip on Wednesday, with 24-carat gold trading at ₹87,480 per 10 grams, marking a decrease of ₹10. Similarly, silver prices fell by ₹100, with one kilogram of the precious metal priced at ₹97,900.
The price of 22-carat gold also declined by ₹10, bringing the cost of 10 grams to ₹80,190.
Gold and Silver Prices Across Major Indian Cities
In Mumbai, Kolkata, and Chennai, the price of 10 grams of 24-carat gold stood at ₹87,480.
Delhi saw a slightly higher price, with 24-carat gold priced at ₹87,630 per 10 grams.
The cost of 22-carat gold in Mumbai, Kolkata, Bengaluru, Chennai, and Hyderabad was ₹80,190 per 10 grams, while in Delhi, it was priced at ₹80,340 per 10 grams.
Silver prices remained consistent across Delhi, Kolkata, and Mumbai at ₹97,900 per kilogram. However, Chennai recorded a higher price for silver at ₹1,06,900 per kilogram.
Global Gold and Silver Market Movements
Globally, gold prices saw a slight decline in early trading due to reports of a potential ceasefire deal in Ukraine. Investors also turned their attention to upcoming US inflation data, which is expected to influence the Federal Reserve’s future interest rate decisions amidst growing trade tensions and fears of an economic slowdown.
As of 0046 GMT, spot gold was down by 0.1%, trading at $2,912.71 per ounce, while US gold futures also eased by 0.1%, standing at $2,919.00. Gold is typically considered a safe-haven asset, often sought after during times of political instability and inflation concerns.
However, if rising inflationary pressures compel the Federal Reserve to maintain higher interest rates, gold could lose some of its appeal as a non-yielding asset.
Spot silver also saw a decline of 0.5%, dropping to $32.77 per ounce. In contrast, platinum saw a 0.4% increase, reaching $978.54, while palladium experienced a 0.5% decrease, falling to $941.43.
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