Gold prices down by Rs 10 on RBI rate hike fears, silver remains unchanged

Gold prices remained vulnerable to the expected rate hike by the Central Bank as the monetary policy committee review is due this week

The price of gold went down slightly on Monday, by Rs 10 per 10 gram as the precious metal's outlook remained vulnerable to expected rate hikes by the central bank as monetary policy committee meet is due this week. 

Silver, meanwhile, remained unchanged to trade at Rs 61,700 per kg on Monday. 

10 gram of 24-carat of gold is trading at Rs 52,090, while 22-carat gold is selling at Rs 47,740. 

Investments in gold increase amid economic crisis, as investors consider it as a safe-haven asset.

The price of 10 gram of 24 carat gold in Delhi, Mumbai, Bangalore, Hyderabad, Kolkata, and Chennai is Rs 52,090 for the day.

The price of 10 gram of 22 carat gold in Delhi, Mumbai, Bangalore, Hyderabad, Kolkata, and Chennai is Rs 47,740.

Spot gold was up 0.2 per cent at $1,871.69 per ounce, as of 0048 GMT, its highest since May 9. Gold prices have risen about 1 per cent this week. The price of gold varies for different regions based on certain parameters such as the excise duty, making charges and the state taxes.

The price of 1 kg of silver in Delhi, Mumbai and Kolkata is Rs 61,700. In Chennai, Bengaluru and Hyderabad, the metal is trading at Rs 67,500 per kg for the day.

Spot silver climbed 1.5% to $22.24 per ounce and palladium added 1.6% to $2,007.18.

(With inputs from Reuters)