A sharp jump in US bond yields has weighed on gold prices.Higher bond yields increase the opportunity cost of holding non-interest yielding asset classes like gold
Sharp rise in US bond yields and strong US dollar weighed on gold price.Higher bond yields increase the opportunity cost of holding the non-interest yielding gold
silver price was trending at Rs 66,900 per kg, according to the Good Returns website.
Gold jewellery price varies across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making changes. In New Delhi, the gold price of 22-carat is at Rs 49,750 per 10 gm, while in Chennai it fell to Rs 47,130. In Mumbai, the rate was Rs 48,770 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 51,540 per 10 gm. Gold prices on Wednesday declined Rs 252 to Rs 49,506 per 10 gram in the national capital, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 49,758 per 10 gram. Silver also dipped Rs 933 to Rs 66,493 per kg, from Rs 67,426 per kg in the previous trade.