Gold, silver prices remain unchanged; yellow metal trades at Rs 55,960

The prices of both gold and silver remain unchanged on Monday. Ten grams of 24-carat gold was trading at Rs 55,960, while silver was selling at Rs 71,800 per kg.

 

22-carat gold was selling at Rs 51,300 per 10 grams, according to the GoodReturns website.

 

In Mumbai, Kolkata, and Hyderabad, 10 grams of 24-carat and 22-carat gold were sold at Rs 55,960 and Rs 51,300, respectively.

 

In Delhi, 10 grams of 24-carat and 22-carat gold were trading at Rs 56,110 and Rs 51,450, respectively. In Chennai, 10 gram of 24-carat and 22-carat gold was selling at Rs 56,960 and Rs 52,210, respectively.

 

Gold prices edged higher on Monday and hovered near a seven-month high, supported by a weaker dollar and hopes that the Federal Reserve might slow its pace of interest rate hikes.

 

Spot gold was up 0.2 per cent at $1,868.89 per ounce as of 0016 GMT. US gold futures also inched 0.2 per cent higher at $1,873.80.

 

Higher interest rates dim gold's allure as an inflation hedge and raise the opportunity cost of holding the non-yielding bullion.

 

Retail gold buying in major Asian hubs was slow on higher prices at the start of last week, while demand was seen picking up in top consumer China on the back of reopening and the upcoming Lunar New Year festival.

 

In Delhi, Mumbai, and Kolkata, 1 kg of silver was trading at Rs 71,800, while in Chennai, it was selling at Rs 74,400

 

Spot silver gained 0.6 per cent to $23.95, platinum rose 0.5 per cent to $1,094.97, and palladium fell 0.1 per cent to $1,804.30.

 

(With Reuters inputs)