Prices for silver increase by Rs 1,200 while gold stays at Rs 54,480

Early on Wednesday, the price of gold remained steady, with ten kilos of 24-carat gold trading at Rs 54,480. On the other side, silver prices increased by Rs 1,200, bringing the price of the precious metal to Rs 72,300 per kg. 10 grammes of 22- and 24-carat gold are selling for Rs. 49,950 and Rs. 54,480, respectively, in Hyderabad, Kolkata, and Mumbai.

Gold in Delhi is currently selling for Rs 54,630 for 10 grammes of 22-carat gold and Rs 50,100 for 24-carat gold. For Rs 55,520 and Rs 50,900, respectively, 10 grammes of 24- and 22-carat gold are being sold in Chennai. Following a 2% increase in the previous day as a result of China’s decision to further relax COVID-19 limitations, gold prices began to decline on Wednesday under pressure from a strengthening U.S. dollar.

Spot gold had fallen 0.2% to $1,809.58 per ounce. Futures for U.S. gold decreased 0.3% to $1,818.50. The largest gold-backed exchange-traded fund in the world, SPDR Gold Trust, said that its holdings increased 0.6% to 918.51 tonnes on Tuesday.

According to industry analysts, the price of gold in Egypt has reached previously unheard-of heights as anxious savers seek safety from a depreciating currency and some businesses export bullion to obtain cash-strapped dollars to finance imports. One kilogramme of silver is now selling for Rs 72,300 in Delhi, Mumbai, and Kolkata, while it costs Rs 74,200 in Chennai. Spot silver dropped 0.4% to $23.95; platinum dropped 0.5% to $1,015.17, and palladium dropped 0.5% to $1,821.28.

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