Gold prices saw a modest increase today, with the price of 24-carat gold rising by Rs 10 to reach Rs 72,390 for every ten grams, as reported by the GoodReturns website. Similarly, silver prices also experienced a slight uptick, climbing by Rs 100, resulting in one kilogram of the precious metal being priced at Rs 85,100.
In the early trading hours on Wednesday, the price of 22-carat gold edged up by Rs 10, with the yellow metal fetching Rs 66,360 per ten grams.
Across major cities like Mumbai, Kolkata, and Hyderabad, the price of ten grams of 24-carat gold remained consistent at Rs 72,390. However, in Delhi, Bengaluru, and Chennai, the prices varied slightly, standing at Rs 72,540, Rs 72,390, and Rs 72,440 respectively for the same quantity of gold.
For 22-carat gold, the rates were also uniform in Mumbai, Kolkata, and Hyderabad, with ten grams priced at Rs 66,360. Meanwhile, in Delhi, Bengaluru, and Chennai, the prices were marginally different at Rs 66,510, Rs 66,360, and Rs 66,410 respectively.
The price of silver showed consistency across Delhi, Mumbai, and Kolkata, all marking Rs 85,100 for one kilogram. However, in Chennai, silver was priced slightly higher at Rs 88,600 per kilogram.
In international markets, US gold prices remained stable, with investors keeping an eye on updates from Federal Reserve officials for insights into potential interest rate changes. Spot gold maintained its position at $2,314.29 per ounce, while US gold futures experienced a slight decline of 0.1 per cent, settling at $2,322.90.
Lower interest rates tend to make gold more attractive as an investment option since it doesn’t offer yields like other assets.
Spot silver, on the other hand, saw a marginal decrease to $27.25 per ounce, while platinum and palladium experienced slight gains, with platinum rising by 0.5 per cent to $981.10 and palladium increasing by 0.4 per cent to $974.59.
