In Wednesday’s early trade, the price of 24-carat gold remained unchanged at Rs 58,300 per ten grams, as reported by the GoodReturns website. Meanwhile, the silver price saw a decline of Rs 500, with one kilogram of the precious metal selling at Rs 72,100.
The price of 22-carat gold also remained steady, with this variant of the yellow metal selling at Rs 53,650.
In Mumbai, the price for ten grams of 24-carat gold matches the prices in Kolkata and Hyderabad, standing at Rs 58,530. In Delhi, Bengaluru, and Chennai, the rates for the same quantity of 24-carat gold are Rs 58,680, Rs 58,530, and Rs 58,600, respectively.
For ten grams of 22-carat gold in Mumbai, the rate is on par with that in Kolkata and Hyderabad, amounting to Rs 53,650. In Delhi, Bengaluru, and Chennai, the prices for ten grams of 22-carat gold are Rs 53,800, Rs 53,650, and Rs 53,720, respectively.
On the international front, US gold remained steady near two-week highs. The Federal Reserve’s cautious approach on interest rates, coupled with anticipation surrounding a key inflation report, has put pressure on the dollar and Treasury yields. Spot gold saw a 0.1% increase, reaching $1,874.49 per ounce by 0110 GMT, close to the highest level recorded since September 29. US gold futures remained steady at $1,887.5.
The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, reported a 0.10% increase in its holdings on Wednesday.
In other precious metals news, spot silver dipped by 0.2% to $22.02 per ounce, while platinum advanced by 0.5% to $889.05, and palladium gained 0.3% to $1,170.36.
In the domestic market, one kilogram of silver is currently trading at Rs 72,100 in Delhi and Mumbai, while in Chennai, the rate stands at Rs 75,000.