Gold, silver and other metal prices on Monday, May 2, 2022
- Gold futures were trading at Rs 51,082.00 per 10 gm, down 672 points or 1.3%
- Silver futures were trading at Rs 63,190.00 per kg, down 1159 points or 1.80%
- Platinum was trading at $927.10 while palladium was trading at $2,255.90
Gold prices fell dramatically on Monday as a result of increased US treasury yields, which dampened demand for the yellow metal. The Federal Reserve is expected to hike interest rates significantly in order to limit growing inflation.
The Federal Open Market Committee of the United States' central bank is set to begin its two-day meeting on interest rates on May 3 and announce its decision the following day.
On forecasts for rapid interest rate hikes by the Federal Reserve, however, the safe-haven bullion is set to have its worst monthly decrease since September.
Gold prices on the Multi Commodity Exchange (MCX) decreased marginally on Monday, May 2, 2022. Gold futures were trading at Rs 51,082.00 per 10 gm, down 672 points or 1.3%, in the Indian market. Silver futures were trading at Rs 63,190.00 per kg, down 1159 points or 1.80%.
In global markets, gold was priced at $1,886.50 per oz while Silver is priced at $22.66. Platinum was trading at $927.10 while palladium was trading at $2,255.90.
In the spot market, the 22-carat gold was sold at Rs 50,810 per 10 grams while silver was priced at Rs 64,774 per kg on Friday according to the Indian Bullion and Jewellers Association.
Copper futures were trading at Rs 767.10 down 2.01% while Natural Gas and Aluminium futures were trading at Rs 571.80 and Rs 245.70 per Kg respectively on MCX.
In Mumbai, New Delhi and Kolkata, 10 grams of 22-carat gold is being sold at Rs 47,400, according to the Good Returns website. The same quantity of the valuable yellow metal is being purchased at Rs 48,550 in Chennai.
The 24-carat gold rates, 10 grams of the much-in-demand metal is being traded at Rs 51,710 in New Delhi, Kolkata and Mumbai. In Chennai, the same amount of 24-carat purity is being bought and sold for Rs 52,970.
In Lucknow and Madurai, 10 grams of 22-carat gold is being retailed at Rs 47,550 and Rs 48,550 respectively. The same quantity of 24-carat purity is valued at Rs 51,860 in Lucknow and Rs 52,970 in Madurai.
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In Kerala, Bengaluru and Hyderabad, 10 grams of 22-carat gold is priced at Rs 47,400. Similarly, in Bhubaneswar, Mysore and Vijayawada, the same amount of 22-carat purity is also being purchased at Rs 47,400. Moreover, 10 grams of 24-carat gold is being sold at Rs 51,710 in all the above areas.
In Nagpur and Surat, 10 grams of 22-carat gold is being traded at Rs 47,480 and Rs 47,460 respectively. The same quantity of 24-carat purity is priced at Rs 51,790 in Nagpur and Rs 51,770 in Surat.