Kamalpreet

Silver was down by Rs 1,200 in Saturday's opening trade

Gold prices fell Rs 210 on Saturday, with 10 gramme of 24-carat gold trading at Rs 52,100, down Rs 210 from the previous day's pricing. Meanwhile, the price of a gramme of 22-carat gold has dropped by Rs 200 to Rs 47,750.

Although gold is utilised as an inflation hedge, rising interest rates raise the opportunity cost of owning the non-yielding asset.

Silver, on the other hand, was down Rs 1,200 in early Saturday trade, selling for Rs 61,000 per kg.

For the day, a gramme of 24 carat gold costs Rs 52,100 in Delhi, Mumbai, Bangalore, Hyderabad, and Kolkata. In Delhi, Mumbai, Bangalore, Hyderabad, and Kolkata, a gramme of 22 carat gold costs Rs 47,750.

On Saturday in Chennai, a grams of 24-carat gold and a grams of 22-carat gold were trading at Rs 52,200 and Rs 47,850, respectively.

Silver, on the other hand, is selling for Rs 61,000 per kg in Mumbai, Delhi, and Kolkata. The precious metal is selling for Rs 67,000 per kg in Chennai, Bengalore, Hyderabad, and Kerala.

According to a government source, India's gold imports in May increased 677 percent year on year to the highest level in a year, as price corrections right before a critical festival and wedding season boosted retail jewellery purchases.

Physical gold discounts in India hit seven-week highs this week, while Covid-19 in China discourages purchases.