Gold rates fall marginally; silver prices soar, selling at Rs 57,700 today

Gold rates fell in Saturday's early trade with 10 gram of the yellow metal (24-carat) trading at Rs 50,440, after a marginal decrease of Rs 10, according to the GoodReturns website. Meanwhile, silver prices soared today, with one kg of the precious metal trading at Rs 57,700, after an increase of Rs 1,5550.

Ten gram of 22-carat gold is trading at Rs 46,240 today after a decrease of Rs 10.

In Mumbai and Kolkata, 24-carat gold is selling at Rs 50,440 per 10 gram, while 22-carat gold is trading at Rs 46,240, respectively. In Delhi, 24-carat and 22-carat gold are trading at Rs 50,590 and Rs 46,340 per 10 gm, respectively.

In Chennai, 24-carat and 22-carat gold is trading at Rs 50,890 and Rs 46,640, respectively.

Gold prices were on track to gain for the week, rising more than 1 per cent on Friday as the dollar weakened amid reports of a potential debate amongst the US Federal Reserve officials about the pace of rate hikes.

Spot gold was up 1.5 per cent at $1,652.21 per ounce by 2:06 p.m. ET (1806 GMT). U.S. gold futures settled up 1.2 per cent to $1,656.3.

While gold is considered a hedge against inflation, higher interest rates increase the opportunity cost of holding the bullion, which yields nothing.

Swiss gold exports to top markets China and India increased in September, while shipments to Turkey rose to the highest since April 2013, Swiss customs data showed on Thursday.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.19 per cent to 930.99 tonnes on Thursday.

In Mumbai, Delhi and Kolkata, 1 kg of silver is selling at Rs. 57,700. While in Chennai, Bengaluru and Hyderabad, 1 kg of silver is selling at Rs 61,500.

(With inputs from Reuters)