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Gold rates today, 23 August 2022, in Major Cities

Gold rates today, 23 August 2022, in Major Cities.

Gold rates today, 23 August 2022: Gold rates today at Delhi, Chennai, Kolkata, and Mumbai slashed.

The gold rates in Delhi for 10 grams of 22-carat have remained at Rs. 47,750 with a fall of Rs. 200, and that of 10 grams of 24-carat gold is at 52,100 with a fall of Rs. 210.

The gold rate in Chennai per 10 gram of 22 carats is at Rs 48,140 with a fall of Rs. 160, and the gold rate of 24-carat is at Rs. 52,520 with a fall of Rs. 180.

The gold rate in Kolkata per 10 grams of 22 carats is Rs. 47,600, and the rate of 10 grams of 24 carats is Rs. 51,930.

The gold rates in Mumbai per 10 grams of 22 carats have been at Rs. 47,600 and Rs. 51,930 per 10 grams of 24 carats.

The silver rates have been at Rs. 55,000 in Kolkata, Chennai, and Mumbai, and the rate of silver in Chennai is at Rs. 61,100.

The gold and silver rates mentioned here are due at eight and continue to fluctuate daily. Also Read, Fox And Verizon New Multi-Year Distribution Deal That Adds Fox Weather And Tubi

Gold rates today, 23 August 2022, in Major Cities
Gold rates today, 23 August 2022, in Major Cities

Gold rates today, 23 August 2022

Gold rates 23 August 2022 at Delhi, Chennai, Kolkata, and Mumbai are as follows.

City22 carat gold 10 gms24 carat 10gmsSilver per 1 kg
DelhiRs. 47,750Rs. 52,100Rs. 55,000
ChennaiRs. 48,140Rs. 52,520Rs. 61,100
KolkataRs. 47,600Rs. 51,930Rs. 55,000
MumbaiRs. 47,600Rs. 52,930Rs. 55,000
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Gold rates today, 23 August 2022, in Major Cities

Bullion market experts say there are many reasons for the gold rate to fluctuate, such as the change in international market currency prices, inflation, gold reserves at central banks, their interest rates, the jewelry market, geographical tensions, trade wars, and many other factors are said to impact the gold rate.

The gold rates have been decreasing as the Federal Reserves hinted over the rise in interest rates. Also Read, German insurance company Allianz on Friday posted a 23% fall in second-quarter net profit

Gold prices in India remained near the lowest in a month while silver continued its recent decline, in tandem with a weak global trend in precious metals.

On MCX, gold futures were flat at 51,175 per 10 gram, while silver futures were down 0.13% to 54,920 per kg.

In global markets, gold rates increased to $1,738.90 per ounce after falling to a near one-month low in the previous session.

Renewed strength in the US dollar, which hovered near a one-month high against a basket of other currencies, and higher bond yields have put pressure on the yellow metal.

Among other precious metals, spot silver gained 0.2% to $19.04 per ounce, while platinum rose 0.3% to $877.70.

Risk sentiment has weakened significantly amid growth worries and expectations that central banks may continue with monetary tightening to bring inflation under control, said Kotak Securities in a note. Also Read, All You Want To Know About FTX NFT Marketplace 2022

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Gold rates today, 23 August 2022, in Major Cities

Risk aversion has caused market players to switch from riskier assets like commodities and equities to the safety of the US dollar, the brokerage added.

” FOMC minutes and mixed comments from the Fed officials indicate that the central bank is debating inflation against growth to determine further moves.

With inflation still out of control, rate hikes are likely to continue. Also Read, United Kingdom Banks cut mortgage offers amid the economic panic

However, Fed officials are debating the pace of rate hike amid increasing growth concerns. Despite the increased debate, risk sentiment has weakened on concerns that rate hikes may continue tightening liquidity and hampering economic growth,” Kotak Securities said.

A stronger US dollar makes gold more expensive for buyers holding other currencies. Recent hawkish comments from Fed officials have lifted the US dollar and bold yields, denting bullion’s safe-haven appeal.

Gold traders will now be focusing on the Fed’s Jackson Hole, Wyoming, a symposium of global central bankers due later this week. ETF flows into gold remained subdued.

The holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said fell 0.15% to 987.56 tonnes on Monday from 989.01 tonnes on Friday. Also Read, SBI Q1 Net profit of Rs 6,068 crore, misses out on estimates

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Gold rates today, 23 August 2022, in Major Cities

Gold technical outlook

“Expect mild recovery upticks in gold for the day. However, short-term upside turnaround point is placed at $1800,” domestic brokerage Geojit said. Silver price outlook:

“Broad sentiment remains weaker, but a mild recovery may be seen in the initial hours.

A direct break above $21 would negate the bearish outlook,” the brokerage added.

Also Read, All You Want To Know About The 2022 BMW X6

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