Gold prices remain unchanged on Saturday. 10 grams of 24-carat gold is currently trading at Rs 51,110, whereas, 10 grams of 22-carat gold is trading at Rs 46,850. Silver prices also remain unchanged with one kg of silver metal trading at Rs 57,000. A variety of factors, including manufacturing charges, state taxes, and excise duty, have an impact on the price of gold on a daily basis.
The price of gold futures that are due to mature on August 5 of this year has increased by 0.37 percent to Rs 50,180.00, according to the most recent Multi Commodity Exchange (MCX) list. The September 5 silver futures contract increased by 0.37 percent to close at Rs 57,148.00.
In the United States, gold was on course to fall for a fourth straight week on Friday, hurt by the dollar’s climbing and as bets for steep interest rate hikes gained traction after healthy U.S. jobs data. Lately, gold has failed to attract safe-haven flows despite growing recessions risks as investors have instead opted for the dollar, which has marched to fresh two-decade highs. Higher interest rates burn the appeal of gold by translating into an increased opportunity cost of holding the asset since it yields no interest.
Spot gold was up 0.1 percent at $1,741.94 per ounce. Bullion has declined about 3.7 percent so far this week, which would be its worst since mid-May. Spot silver moved 0.4 percent to $19.27 per ounce.