Gold rates unchanged in early trade; silver rises, trading at Rs 58,300/kg

Gold prices remained unchanged in Friday's early trade with 10 gram of the yellow metal (24-carat) trading at Rs 51,280, according to the GoodReturns website. Meanwhile, silver prices increased marginally today, with 1 kg of the precious metal trading at Rs 58,300, after an increase of Rs 200.

Ten gram of 22-carat gold is trading at Rs 47,100 today after an increase of Rs 100.

In Mumbai and Kolkata, 24-carat gold is selling at Rs 51,280 per 10 gram, while 22-carat gold (per 10 grams) is trading at Rs 47,100. In Delhi, 24-carat and 22-carat gold are trading at Rs 51,530 and Rs 47,250 per 10 gm, respectively.

In Chennai, 24-carat and 22-carat gold is trading at Rs 51,760 and Rs 47,450, respectively.

Gold prices were flat on Friday but headed for the second week of gains, as some weak US economic data fanned expectations that the Federal Reserve might ease the aggressive pace of raising interest rates beginning December.

Spot gold was flat at $1,663.22 per ounce, as of 0130 GMT but it was up 0.4 per cent for the week so far. US gold futures were unchanged at $1,666.00.

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

In Mumbai, Delhi, Kolkata and Bengaluru, 1 kg of silver is selling at Rs 58,300. While in Chennai and Hyderabad, 1 kg of silver is selling at Rs 63,500.

(With inputs from Reuters)