On Thursday morning, gold prices in India fell by Rs 270 per gramme. After a Rs 250 drop, 10 gramme of 24-carat gold is trading at Rs 51,440, while 10 gramme of 22-carat gold is trading at Rs 47,150. The drop in gold prices comes after the US Federal Reserve raised interest rates for the first time since 1994 and warned of economic concerns.
Silver, on the other hand, has seen a price increase. After a 200-rupee hike, 1 kilogramme of silver now costs Rs 60,000.
The price of a gramme of 24-carat gold is Rs 51,440 in Delhi, Mumbai, Kolkata, Bangalore, and Hyderabad. Meanwhile, a gramme of 22-carat gold costs Rs 47, 170 in Delhi, Bangalore, Bhubneshwar, and Mangalore. In Chennai, a gramme of 24-carat gold costs Rs 51,500 while a gramme of 22-carat gold costs Rs 47,200.
In Delhi, Mumbai, and Kolkata, on the other hand, silver is trading at Rs 60,000 per kg. 1 kg of silver costs Rs 66,000 in Chennai, Bangalore, and Hyderabad.
By 4:09 p.m., spot gold had risen 1.4 percent to $1,833.42 per ounce. EDT (Eastern Daylight Time) (2009 GMT). The dollar’s depreciation boosted gold’s appeal among international buyers, while the benchmark U.S. dollar fell. Treasury yields have also fallen.