Gold, silver prices today: Gold prices rise to Rs 53,180, silver prices up to Rs 62,000 over Russia-Ukraine worries

Gold, silver prices today: Gold inched higher on Thursday with price marching to Rs 53,180 in the domestic market due to the Russia-Ukraine tensions and a subdued dollar. The silver prices are at Rs 62,000. On November 17, Thursday, the price of 10 grams of 24-carat gold was Rs 52,520. The price of 10 grams of 22-carat gold was Rs 48,750 on average. Gold prices have remained volatile this year after touching Rs 55,000 per 10 grams in March due to geopolitical highs and lows. But the yellow metal tumbled down in recent months due to a strengthening dollar.  

In the international market, spot gold was at $1,773.40 per ounce, while US gold futures settled down about 0.1 per cent to $1,775.80 an ounce early on Thursday due to calming down geopolitical tensions and correction in the dollar index.

“Gold and silver prices traded steady on Wednesday, as the precious metals saw limited selling due to a slight dip in the US dollar index and treasury yields. The dollar index and the US 10-year bond yields corrected further and supported precious metal prices. Sharp corrections in the US bond yields and crypto crash encouraged traders to buy precious metals. The US retail sales and core retail sales data was also better than expected, which again aided precious metals,” said Rahul Kalantri, Vice-President, Commodities, Mehta Equities Ltd.

Domestic prices

Gold prices change daily due to currency exchange rate, excise duty, state taxes, and making charges of jewellers, which vary from state to state. On Wednesday, 10 grams of 24-carat gold in Mumbai and Kolkata can be bought and sold at Rs 53,180. In Delhi, the same amount of gold can be bought at Rs 53,350 in New Delhi, whereas in Chennai, one can buy it for Rs 54,000, which is the highest among all metropolitan cities.

Cities 22-Carat Gold Rates 24-Carat Gold Rates
Chennai  Rs 49,500 Rs 54,000
Mumbai  Rs 48,750 Rs 53,180
Delhi  Rs 49,900 Rs 53,350
Kolkata  Rs 48,750 Rs 53,180
Bangalore  Rs 48,800 Rs 53,230
Hyderabad  Rs 48,750 Rs 53,180

The prices for 22-carat gold in Mumbai, Kolkata, Delhi, and Chennai are Rs 48,750, Rs 48,750, Rs 49,900, and Rs 49,500, respectively.

Uniform gold rate in Kerala

The Kerala government has decided to offer a uniform gold rate in all its cities based on the bank rate. From now on, Kerala-based jewellers such as Malabar Gold & Diamonds, Joyalukkas and Kalyan Jewellers, will roll out a uniform gold rate to consumers. Uniform gold price based on bank rate offers an opportunity for consumers to purchase gold at a reasonable and transparent price.

MP Ahammed, Chairman, Malabar Group, said, “We would like to thank all members of the jewellery trade in Kerala for coming together and launching a standardised gold rate across the state to safeguard the interest of the consumers and bring in price transparency to the trade. At Malabar Gold and Diamonds, we have shown the way by launching uniform gold price across all our stores in the country with our ‘One India One Gold Rate’ policy.”

(With agency inputs)

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