Gold Prices Remain at Rs 54,480 While Silver Prices Rise Rs 1,200

In early trade on Wednesday, the price of gold remained steady, with ten kilos of the yellow metal (24-karat) trading for Rs 54,480. In contrast, silver prices increased by Rs 1,200, and a kilogram of the precious metal now costs Rs 72,300.

According to the website GoodReturns, ten grams of 22-karat gold cost Rs 49,950 each gram.

10 grams of 24-karat and 22-karat gold are sold for Rs 54,480 and Rs 49,950 in Mumbai, Kolkata, and Hyderabad, respectively.

10 grams of 24-karat and 22-karat gold are priced at Rs 54,630 and Rs 50,100 in Delhi, respectively. In Chennai, the price of 10 grams of 24-karat and 22-karat gold is Rs 55,520 and Rs 50,900, respectively.

Gold prices declined on Wednesday as a result of a strengthening U.S. dollar, having increased by 2% in the previous session due to China's move to further relax COVID-19 restrictions.

SPDR Gold Trust, the largest gold-backed exchange-traded fund in the world, said Tuesday that its holdings increased by 0.6% to 918.51 tonnes.

According to industry insiders, the price of gold in Egypt has reached all-time highs as worried depositors seek safety from a collapsing currency and as some enterprises export bullion to obtain limited dollars to cover imports.

In Delhi, Mumbai, and Kolkata, 1 kilogram of silver is now trading for Rs 72,300, whilst in Chennai, 1 kilogram of silver sells for Rs 74,200.

Spot silver slid 0.4% to $23.95, platinum fell 0.5% to $1,015.17, and palladium decreased 0.5% to $1,820.88.