Gold trading at Rs 52,100/10 gm; silver opens low, selling at Rs 61,100/kg

Gold opened lower on Saturday, Rs 210 down from the previous day's rate, with 10 gram of 24-carat gold trading at Rs 52,100. Meanwhile, 10 gram of 22-carat gold is trading at Rs 47,750, after a decrease of Rs 200.

The precious metal is used as a hedge against inflation, but higher interest rates increase the opportunity cost of holding the non-yielding asset.

Meanwhile, silver was down by Rs 1,200 in Saturday's opening trade, selling at Rs 61,000 per kg.

The price of 10 gram of 24 carat gold in Delhi, Mumbai, Bangalore, Hyderabad, and Kolkata is Rs 52,100 for the day. The price of 10 gram of 22 carat gold in Delhi, Mumbai, Bangalore, Hyderabad, and Kolkata is Rs 47,750.

In Chennai, 10 gram of 24-carat and 22-carat gold is trading at Rs 52,200 and Rs 47,850 respectively, on Saturday.

On the other hand, silver is trading at Rs 61,000 per kg in Mumbai, Delhi and Kolkata. In Chennai, Bengalore, Hyderabad and Kerala, the precious metal is selling at Rs 67,000 per kg.

India’s gold imports in May jumped 677 per cent from a year ago to the highest level in a year as correction in prices just before a key festival and wedding season boosted retail jewellery purchases, a government source said.

Physical gold discounts in India this week hit seven-week highs, while Covid-19 curbs dissuaded buyers in China.