BUSINESS

Gold prices up to Rs 51,000 per 10 grams, silver prices rise to Rs 53,200

Domestic gold prices increased marginally amid gains in the equity market. Gold prices in India on Tuesday stood at Rs 51,000, up by Rs 110 from Monday’s price, for 24-carat gold. The price for 22-carat gold was Rs 46,750 per 10 grams, up by Rs 100. Silver is being sold for Rs 53,200 per kilogram in all major cities in India, which is almost up by Rs 720 on average. 

MCX gold October futures climbed 0.25 per cent on Monday and touched Rs 50,495 per 10 grams. In the international market, gold prices were steady on Monday after a US jobs report showed unemployment reached new highs in August, hinting that the US Fed might relax the rate hikes and go slow. 

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The gold rates on September 6:

City22-carat gold24-carat gold
MumbaiRs 51,000Rs 46,750
DelhiRs 51,160Rs 46,900
KolkataRs 51,000Rs 46,750
ChennaiRs 51,660Rs 47,360
BangaloreRs 51,050Rs 46,800
HyderabadRs 51,000Rs 46,750
JaipurRs 51,160Rs 46,900

Last month, the Fed went hawkish on interest rate hikes, which weighed on the overall gold prices. The dollar index advanced for the third week in a row and approached a fresh two-decade high of 109.97.

Gold prices in last 10 days 

Gold prices in the domestic market have shown a downward trend mostly due to rising inflation and market volatility. The recent uptick, as per experts, can lead to a renewed buying interest at lower levels as most economies in the world are showing slowdown signals. In the near term, experts feel prices may consolidate for a while, and hover around Rs 48,800 per 10 gm mark. 

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Date22-carat gold24-carat gold
September 5Rs 46,750Rs 51,000
September 4Rs 46,650Rs 50,890
September 3Rs 46,650Rs 50,890
September 2Rs 46,400Rs 50,620
September 1Rs 46,500Rs 50,730
August 31Rs 47,000Rs 51,270
August 30Rs 47,250Rs 51,540
August 29Rs 47,150Rs 51,430
August 28Rs 47,300Rs 51,600
August 27Rs 47,300Rs 51,600

Investment outlook 

Despite recent ups and downs, gold always holds its ground during high-inflation years when stock markets are volatile. Even when the currency falls in comparison to the dollar, gold acts as a hedge. It also acts as a hedge in periods of downturn, geopolitical tensions, and uncertainty. For instance, gold rose from $1,300 in late 2019 to nearly $2,100 in mid-2020. The prices started fluctuating once countries started reopening their economies, even then gold averaged higher than other asset classes. 

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