Gold, silver rates on May 16: Prices remain steady in major cities. Check details

The price of gold remained unchanged Tuesday. For every gram of 22 carat gold, the price stood at ₹5,665, with no fluctuation observed.

This means that eight grams of 22 carat gold were priced at ₹45,320, while ten grams were valued at ₹56,650. Likewise, no change in the price was observed for 24 carat gold either, signifying a steady market.

Goodreturns website showed that the price of 24-carat gold per gram in India today is ₹6,180. This meant the cost of 10 grams is priced at ₹61,800.

Similarly, silver prices also did not change in most of the major metropolitan cities as the latest rate for 10 gram of the metal stood at ₹748, same as yesterday. However, minor fluctuations were seen for some cities including Bengaluru.

The precious metal gold is considered a hedge against inflation.

A look at rates gold and silver rates in major Indian cities:
City                Gold (10 grams of 24 carat) Silver (10 grams)
Chennai         ₹62,350 ₹785
Mumbai        ₹61,800 ₹748
Delhi              ₹61,950 ₹748
Kolkata         ₹61,800 ₹748
Bengaluru    ₹61,850 ₹785
Hyderabad   ₹61,800 ₹785
Lucknow      ₹61,950 ₹748
Patna            ₹61,850 ₹748
The ease in gold rates in Asian market followed as as traders assessed comments from the U.S. central bank officials on interest rates staying high, while market focus was also on developments in the debt-ceiling debate, Reuters reported.