Gold Price,
Gold prices fell by Rs 10 in early trade on Tuesday, according to the GoodReturns website, and 10 grams of 24 carat gold were trading for Rs 59,680. The price of one kilogram of silver remained the same at Rs 73,300.
Additionally, the cost of ten grams of 22-carat gold decreased by 10 rupees to Rs 54,700.
10 grams of 24K gold cost in Mumbai is Rs.59,680 at standard with the gold cost in Kolkata and Hyderabad.
In Delhi, Bangalore, and Chennai, the cost of 10 grams of 24K gold is Rs 59,870, Rs 59,770, and Rs 60,390, respectively.
The price of 10 grams of 22-carat gold in Mumbai is Rs. 54,700, which is comparable to the prices of gold in Kolkata and Hyderabad.
In Delhi, Bangalore, and Chennai, the price of 10 grams of 22-carat gold is Rs 54,890, Rs 54,790, and Rs 55,340, respectively.
Even though regulators’ efforts to alleviate concerns regarding the global banking system reduced the appeal of the safe-haven metal, gold prices edged higher on Tuesday as the dollar fell.
As of 0308 GMT, spot gold was up 0.2 percent at $1,958.85 per ounce. To $1,960.80, US gold futures increased 0.4%.
Clifford Bennett, chief economist at ACY Securities, stated, “Gold should generate fresh buying in the market” because “the US dollar is stabilizing.”
The drop of 0.2 percent in the dollar index made bullion more accessible to buyers who hold other currencies.
After First Citizens Bankshare said it would take on deposits and loans from the failed Silicon Valley bank, gold prices fell more than 1% on Monday as investors switched from safe-haven trading to riskier assets.
However, Bennett stated that because contagion risks are significantly more persistent than markets, gold continues to be a “steady safe haven” in a “rolling risk environment” for the banking sector.
Nellie Liang, Treasury Undersecretary for Domestic Finance, told Congress on Tuesday that the US government will continue to use its tools to prevent banking sector contagion as needed to protect Americans’ deposits. Will report.
Monday, Federal Reserve Governor Philip Jefferson stated that the United States Federal Reserve is “still learning” about the effects of raising interest rates on inflation and the economy.
Markets are pricing in a 61% chance that the Fed will keep interest rates the same at its May meeting, according to the CME FedWatch tool.
Despite the fact that higher rates increase the opportunity cost of holding a non-yielding asset, bullion is considered a hedge against economic uncertainties.
Reuters specialized examiner Wang Tao said gold could hold support at $1,945 an ounce, underneath which a tear could open the way towards $1,927.
In Delhi, Mumbai, and Kolkata, one kilogram of silver costs Rs 73,300.
The cost of one kilogram of silver in Bangalore, Chennai, and Hyderabad is 76 thousand rupees.
Platinum gained 0.5 percent to $976.87, palladium gained 0.7 percent to $1,418.44, and spot silver fell 0.1 percent to $23.06 per ounce.
(With Reuters inputs)
