Gold, silver prices fall: Check revised rates in Bhubaneswar, Cuttack on August 16

Amid the fluctuation in gold and silver rates across the country, the price for 24-carat gold per 10 gram reached Rs 53,600 on Tuesday in twin cities of Bhubaneswar and Cuttack with a decrease of Rs 400 from Monday’s price.

For 23-carat, the price of 10 grams of yellow metal reached Rs 51,600 while the rate of 22-carat gold reached 50,600.

Similarly, the rate of 20, 18 and 14-carat gold remained at Rs 45700, Rs 41400 and Rs 32700, respectively. Pure Ginni (gold coin) is being traded at Rs 41, 600 on Tuesday.

Meanwhile, gold is being traded at Rs 5,360 per gram (GST 995) and at Rs 5,200 (Cash 995) in Cuttack.

On the other hand, one kilogram of silver is being sold at Rs 59,900 in Bhubaneswar, following a decrease of Rs 1,200 from Monday’s price of Rs 61,100.

Notably, factors such as state taxes, excise duty, and making charges lead to changes in the price of gold in India.

Meanwhile, gold prices inched lower on Tuesday after falling more than 1 per cent in the previous session, weighed down by an uptick in the U.S. dollar and worries over further US interest rate hikes. Spot gold was down 0.1 per cent at $1,777.46 per ounce, as of 0054 GMT, after hitting its lowest since Aug. 8 at $1,772.30 on Monday. US gold futures GCv1 eased 0.2% to $1,793.90 per ounce.