Indian gold on Saturday became cheaper tracking the biggest weakly drop in international gold prices. Meanwhile, the price of silver also followed suit.
In Mumbai, a 10 gram gold in 24 carats is priced at Rs51,600 today down by Rs170 from the previous day's Rs51,770. A 100 gram gold in the 24 carat is lower by Rs1,700 to Rs5,16,000 from previous day's Rs5,17,700.
Similarly, 10 gram gold in 22 carats dropped by Rs150 to Rs47,300 from Rs47,450 of the previous day. Also, the price of 100-gram gold in the same carat decreased by Rs1,500 to Rs4,73,000 from the previous day's Rs4,74,500.
Moreover, a 1 kg silver is available Rs68,000 today down bt Rs1,000 from the previous day's Rs69,000. A 10 gram and 100-grams silver are available at Rs680 and Rs6,800.
On Friday, at MCX, gold futures for April 05, 2022 maturity, was at Rs51475 in 10 grams down by Rs172 against the previous day's price. Meanwhile, silver futures with a maturity of April 29, 2022, slipped by Rs539 to Rs68,080 compared to the previous day's price.
Spot gold yesterday moved towards its biggest weekly fall in nearly four months after haven metal demand took a hit as hopes for ceasefire or peace talks between Russia and Ukraine escalated while taking a breather from the US interest rate hike. Also, the strong dollar influenced sentiments further.
The US Federal Reserve increased its benchmark overnight interest rate by 25 basis points and announced its plans to push borrowing costs to restrictive levels next year. This would be Fed's first rate hike in over three years. Notably, Fed's see six more rate hikes ahead depending upon the economic condition amidst geopolitical tension and the pandemic.
