Gold rates decline Rs 110 per 10 gm; silver trading at Rs 58,000 a kg

Gold price fell by Rs 110 per 10 gram with 24-carat of the yellow metal trading at Rs 51,380 today

Gold price fell by Rs 110 per 10 gram with 24-carat of the yellow metal trading at Rs 51,380 on Tuesday. The price of silver, on other the hand, decreased by Rs 400 per kg to Rs 58,000.

Meanwhile, 10 gram of 22-carat gold is trading at Rs 47,100 on Tuesday after a decrease of Rs 100.

Spot gold was up 0.4 per cent at $1,778.69 per ounce, as of 0044 GMT, its highest since July 5. US gold futures gained 0.2 per ent to $1,791.10 per ounce.

Spot silver fell 0.5 per cent to $20.22 per ounce.

Gold, which tends to appreciate on expectations of lower interest rates, has gained nearly $100 since falling on July 21 to its lowest level in more than one year.

Uncertainty over the economic outlook, a higher import duty and the possibility of additional curbs on gold buying, even if for temporary and tactical reasons with an eye on rupee-dollar exchange rate are some of the reasons, WGC believes, that will keep jewellery demand in India in check.

In Mumbai, and Kolkata, 24-carat gold is selling at Rs 51,380 per 10 gram, while 10 gram of 22-carat gold is selling at Rs 47,100 in the respective cities. In Delhi, 24-carat and 22-carat of the yellow metal are trading at Rs 51,550 and Rs 47,250 per 10 gm on Tuesday.

In Chennai, 10 gram of 24-carat and 22-carat gold is currently trading at Rs 52,300 and Rs 47,950, respectively.

In, Mumbai, Delhi, and Kolkata, one kg of silver is selling at Rs 58,000. Whereas, one kg of silver in Chennai, Bengaluru, and Hyderabad, is trading at Rs 63,300 on Saturday.