Gold rate up by Rs 550; silver rises by Rs 4,400, selling at Rs 61,800

Gold and silver prices edged significantly higher in early trade with 10 gram of the yellow metal (24-carat) trading at Rs 51,660

Gold and silver prices edged significantly higher in Wednesday's early trade with 10 gram of the yellow metal (24-carat) trading at Rs 51,660, after an increase of Rs 550. Silver is trading at Rs 61,800 per kg today after a rise of Rs 4,400.

Meanwhile, ten grams of 22-carat gold is trading at Rs 47,350, after an increase of Rs 500.

In Mumbai and Kolkata, 24-carat gold is selling at Rs 51,660 per 10 gram, while 22-carat gold is trading at Rs 47,350, respectively. In Delhi, 24-carat and 22-carat gold are trading at Rs 51,820 and Rs 47,500 per 10 gm, respectively.

In Chennai, 24-carat and 22-carat gold is trading at Rs 52,100 and Rs 47,750, respectively.

Gold prices eased on Wednesday as the dollar somewhat stabilised from its drop in the previous session, although bullion held above key $1,700-per-ounce level with investors eyeing more clarity on the US Federal Reserve's future policy stance. Spot gold was down 0.2 per cent at $1,722.69 per ounce, as of 0120 GMT, but was not far from $1,729.39, its highest level since Sepember. 13 scaled on Tuesday. US gold futures were flat at $1,731.70.

Gold-supplying banks have cut back shipments to India ahead of major festivals in favour of focusing on China, Turkey, and other markets where better premiums are offered, three bank officials and two vault operators told Reuters. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose by 1.74 tonnes on Tuesday.

Meanwhile, 1 kg of silver in Mumbai, Delhi, and Kolkata is trading at Rs 61,800. In Chennai, Bengaluru, and Hyderabad, one kg of silver is selling at Rs 66,700.

Spot silver dipped 0.8 per cent to $20.95 per ounce.