The price of 10 gram of 24-carat gold on Thursday remained unchanged at Rs 52,860, while silver (per kg) became Rs 300 cheaper to trade at Rs 64,700.
The price of 10 gram of 24-carat gold in Bengaluru and Hyderabad is on par with the price of 24-carat gold in Mumbai and Delhi i.e. Rs 52,860, while 22-carat gold is selling at Rs 48,450.
In Delhi, Kolkata, and Mumbai, the price of 1 kg of silver is Rs 64,700, whereas the price of 1 kg of silver in Hyderabad, Bengaluru and Chennai stood at Rs 69.800.
On Wednesday, gold prices declined by Rs 258 to Rs 51,233 per 10 grams in the local market in New Delhi in line with lower international metal prices. Silver also declined by Rs 327.
In the international market, gold was trading lower at $1,892 per ounce and silver was flat at $23.36 per ounce.
Rising US interest rates increased the opportunity cost of holding non-yielding gold, while also boosting the dollar, in which it is priced. The greenback is also seen as a rival safe-haven asset to gold during economic and political crises.
Gold is highly sensitive to rising US short-term interest rates and higher yields, which increase the opportunity cost of holding non-yielding bullion. It is, however, seen as a safe store of value during economic and political crises.
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