On Tuesday, the price of a gramme of 24-carat gold stayed steady at Rs 53,440, while the price of silver (per kg) dropped by Rs 1,000 to Rs 65,700.
The price of a gramme of 24-carat gold in Bangalore and Hyderabad is the same as it is in Mumbai and Delhi, i.e. Rs 53,440, but 22-carat gold costs Rs 48,990.
The price of 1 kg of silver in Delhi, Kolkata, and Mumbai is Rs 65,700, whereas the price of 1 kg of silver in Hyderabad, Bengaluru, and Chennai was Rs 70,500.
Gold prices in the national capital fell by Rs 316 to Rs 51,872 per 10 kilos on Monday, following a drop in international precious metal prices.
Gold prices vary by region, depending on factors such as making costs, excise duty, and state taxes.
Gold was down to $1,921 per ounce on the international market, while silver was down to $23.78 per ounce.
Gold prices fell to their lowest level in more than two weeks on Monday, as forecasts on a more aggressive and hawkish US Federal Reserve approach to tightening monetary policy bolstered the dollar and put downward pressure on demand for the precious metal.
The opportunity cost of owning non-yielding bullion increases as US short-term interest rates rise and yields rise. During economic and political crises, however, it is regarded as a secure store of wealth.