Gold and silver prices fell substantially on Monday after Fed chair Jerome Powell hinted last week that high-interest rates will remain in place for some time to combat inflation.

Gold prices on the Multi Commodity Exchange (MCX) decreased marginally on Monday, August 29, 2022. Gold futures were trading at Rs 50,946.00 per 10 gm, down 292 points or 0.57%, in the Indian market. Silver futures were trading at Rs 53,936.00 per kg, down 844 points or 1.54%.

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In global markets, gold was priced at $1,723.29 per oz while Silver is priced at $18.60. Platinum was trading at $853.26 while palladium was trading at $2,110.29. 

In the spot market, the 22-carat gold was sold at Rs 50,430 per 10 grams while silver was priced at Rs 55,607 per kg on Friday according to the Indian Bullion and Jewellers Association.  

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Copper futures were trading at Rs 666.95 down 1.54% while Natural Gas and Aluminium futures were trading at Rs 757.20 and Rs 214.80 per Kg respectively on MCX. 

The 22-carat gold rate is Rs 47,150 for ten grams of metal in Kolkata and Mumbai. In Chennai, the same amount of gold is being traded for Rs 47,700. It can be purchased for Rs 47,300 in New Delhi, according to goodreturns website.

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Ten grams of 22-carat gold costs Rs 47,180 and Rs 47,300 in Pune and Jaipur, respectively. 

In Bangalore, 10 grams of 22-carat gold costs Rs. 47,300, while 10 grams of 24-carat gold costs Rs. 51,600. The gold pricing in Hyderabad is Rs 47,300 for 10 grams of 22-carat gold and Rs 51,600 for 10 grams of 24-carat gold.

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Gold rates in Kerala are Rs. 47,300 per 10 grams of 22-carat gold and Rs. 51,600 per 10 grams of 24-carat gold. The gold pricing in Visakhapatnam is Rs. 47,300 for 10 grams of 22-carat gold and Rs. 51,600 for 10 grams of 24-carat gold.