Gold prices remained unchanged in Monday’s early trade, with 10 gram of the yellow metal (24-carat) trading at Rs 51,870, whereas, ten gram of 22-carat gold is trading at Rs 47,550. Silver too, remained unchanged on Monday, with the precious metal trading at Rs 59,800 per kg.
Meanwhile, in the US, gold prices gained on Monday, as report said that the Western nations is planning to officially ban imports of the metal from Russia for its invasion of Ukraine sparked some interest in bullion.
Spot gold rose 0.5% to $1,835.58 per ounce by 0231 GMT. U.S. gold futures were up 0.3% at $1,836.30. Spot silver rose 1.2% to $21.36 per ounce.
Gold is seen as a hedge against inflation, but higher interest rates raise the opportunity cost of holding bullion, which yields no interest.
In Delhi, Kolkata and Bangalore, 10 gram of 24-carat gold is trading at Rs 51,870. Meanwhile, 10 gram of 22-carat gold is selling at Rs 47,550 in Delhi, Kolkata, and Bangalore.
In Chennai, 10 gram of 24-carat and 22-carat gold is currently trading at Rs 51,920 and Rs 47,600, respectively on Monday.
A kg of silver is trading at Rs 59,800 in cities like Delhi, Mumbai and Kolkata, whereas, 1kg of silver is selling at Rs 65,700 in Chennai.
(With inputs from Reuters)