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Gold and silver prices: Gold prices suffer at Rs 52,980, silver at Rs 61,400 amid current civil unrest in China

Business Today logo Business Today 29-11-2022 Basudha Das
Gold and silver prices: Gold prices suffer at Rs 52,980, silver at Rs 61,400 amid current civil unrest in China © Provided by Business Today Gold and silver prices: Gold prices suffer at Rs 52,980, silver at Rs 61,400 amid current civil unrest in China

Gold and silver prices: Gold prices hovered around the same level of Rs 52,980 in the domestic markets on Tuesday as traders are uneasy over China’s current civil unrest over its Covid policies. On November 29, Tuesday, the price of 10 grams of 24-carat gold was Rs 52,980. The price of 10 grams of 22-carat gold was Rs 48,560 on average. The silver prices dipped to Rs 61,400. 

In the international market, the yellow metal touched a one-week high on Monday before closing lower for the first time in five sessions. On Tuesday, gold prices were flat in early Asian trade after slipping about 1 per cent in the previous session as US Fed Reserve pointed out that interest rates may remain high to tame inflation bring back the fears yet again. Spot gold was flat at $1,741.13 per ounce, as of 0007 GMT. US gold futures were little changed at $1,739.60.  

“Gold is trying to recover after a 0.78 per cent fall in the previous session as US Dollar and treasury yields recovered after hawkish statements by Fed officials. Fed officials James Bullard and John Williams stated that the Fed has a long way to go to combat inflation and indicated that the rate might be higher till 2024. The statements have once again created some ambiguity on Fed’s stance in its upcoming meeting giving a slight push to the US Dollar index and treasury yields thereby impacting the non-yielding bullion. The focus will now shift to US consumer confidence data scheduled today. Weakening data pointers might support bullion rally on the back of weakening US Dollar,” said Ravindra V. Rao, CMT, EPAT VP-Head Commodity Research Kotak Securities Ltd.  

“On Monday, gold and silver prices ended near their day's low level. The metal prices witnessed selling pressure as the US dollar index rallied after trading lower overnight. There were also worries about global demand for metals amid unrest in China. Gold and silver plunged as US Federal Reserve officials and ECB President's hawkish signal indicated that interest rates would remain high to combat inflation,” said Rahul Kalantri, Vice President, Commodities, Mehta Equities Ltd.  

Domestic prices 

Except Kerala, gold prices change daily in all states due to currency exchange rate, excise duty, state taxes, and making charges of jewellers. On Tuesday, 10 grams of 24-carat gold in Mumbai and Kolkata can be bought and sold at Rs 52,980. In Delhi, the same amount of gold can be bought at Rs 53,140, whereas in Chennai, one can buy it for Rs 53,970, which is the highest among all metropolitan cities. 

Cities 22-Carat Gold Rates 24-Carat Gold Rates
Chennai  Rs 49,960 Rs 53,970
Mumbai  Rs 48,560 Rs 52,980
Delhi  Rs 48,400 Rs 53,140
Kolkata  Rs 48,560 Rs 52,980
Bangalore  Rs 48,300 Rs 53,030
Hyderabad  Rs 48,250 Rs 52,980
Kerala Rs 48,560 Rs 52,980

The prices for 22-carat gold in Mumbai, Kolkata, Delhi, and Chennai are Rs 48,560, Rs 48,560, Rs 48,710, and Rs 48,470, respectively. 

“We expect gold and silver to remain volatile this week ahead of the Fed Chair Jerome Powell commentary, who is due to speak at a Brookings Institution event on Wednesday. Gold has support at $1734-1720 while resistance is at $1755-1764. Silver has support at $20.80-20.65, while resistance is at $21.42-22.58. In INR terms gold has support at Rs 52,020-51,850, while resistance is at Rs 52,480-52,620. Silver has support at Rs 60,250-59,680, while resistance is at Rs 61,320–61,740,” said Kalantri of Mehta Equities Ltd. 

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