The price of 10 gram of 24-carat gold on Wednesday dropped by Rs 580 to trade at Rs 52,860, while silver (per kg) became Rs 250 cheaper to trade at Rs 65,450.
The price of 10 gram of 24-carat gold in Bengaluru and Hyderabad is on par with the price of 24-carat gold in Mumbai and Delhi i.e. Rs 52,860, while 22-carat gold is selling at Rs 48,450.
In Delhi, Kolkata, and Mumbai, the price of 1 kg of silver is Rs 65,450, whereas the price of 1 kg of silver in regions such as Hyderabad, Bengaluru and Chennai stood at Rs 70,500.
On Tuesday, gold in the national capital gained Rs 78 to Rs 51,452 per 10 grams in line with firm global trends.
Silver also jumped Rs 517 to Rs 65,134 per kg from Rs 64,617 per kg in the previous trade.
In the international market, gold was trading with gains at $1,901 per ounce and silver was flat at $23.65 per ounce.
The yellow metal recovered slightly from a retreat to an over one-month trough, as investors sought cover from fears of stalling global growth and soaring inflation.
Gold is highly sensitive to rising US short-term interest rates and higher yields, which increase the opportunity cost of holding non-yielding bullion. It is, however, seen as a safe store of value during economic and political crises.
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