Gold and silver prices remained unchanged during Monday’s early trading. Ten grams of 24 carat gold he was trading at Rs 57,440 while silver was trading at Rs 72,200 per kilo.
According to the GoodReturns website, the price of 22 carat gold was trading at Rs 52,650.
In Mumbai, Kolkata and Hyderabad, 10 grams of 24 karat and 22 karat gold sold for Rs 57,440 and Rs 52,650 respectively.
In Delhi, 10 grams of 24 carat and 22 carat gold were trading at Rs 57,590 and Rs 52,800 respectively. In Chennai, 10 grams of 24 karat and 22 karat gold sold for Rs 58,370 and Rs 53,500 respectively.
Gold prices were stable on Monday, with investors sitting on the sidelines waiting for the Federal Reserve’s decision to raise interest rates this week.
The gold spot held its position at $1,926.65 per ounce as of 0259 GMT. US gold futures fell 0.2% to $1,925.50.
Traders are keeping an eye on the Fed’s policy meeting scheduled for January 31st to February 1st. Markets are widely expecting the US Central Bank to scale back its rate hike to 25 basis points (bps) from the 50 basis points (bps) he announced in December.
Ilya Spivak, head of global macro at Tastylive, said: “Gold prices are currently in a range ahead of the Fed meeting. ‘ said.
A non-yielding asset, gold tends to profit when interest rates are low as it reduces the opportunity cost of holding bullion.
In Delhi and Mumbai, 1 kg of silver sold for 72,200 rupees, while in Chennai and Hyderabad it sold for 74,200 rupees. In Kolkata, this metal was sold for his Rs 72,200.
Spot silver rose 0.4% to $23.65 an ounce, platinum rose 0.2% to $1,014.53 and palladium rose 1.2% to $1,638.45.
(Using information from Reuters)