Gold rises in early trade, up by Rs 170; silver unchanged at Rs 70,100

Gold became dearer by Rs 170 in Friday's early trade with ten grams of the yellow metal (24-carat) trading at Rs 54,820. Silver prices, on the other hand, remained unchanged today and the precious metal is trading at Rs 70,100 per kg today.

Ten gram of 22-carat gold is trading at Rs 50,250 today, after an increase of Rs 150, according to the GoodReturns website.

In Mumbai, Kolkata, Hyderabad, Kerala, and Pune, 10 grams of gold (24-carat and 22-carat) was selling at Rs 54,820, and Rs 50,250, respectively.

In Delhi, 24-carat and 22-carat gold was trading at Rs 54,980, and Rs 50,400, respectively. In Chennai, 10 grams of 24-carat and 22-carat gold are trading at Rs 55,900 and Rs 51,240, respectively.

In international markets, gold prices hemmed into a tight range in thin trading, as cautious traders awaited economic data due later in the day to gauge the Federal Reserve's rate hike stance. Spot gold was little changed at $1,792.80 per ounce as of 0238 GMT. US gold futures rose 0.4 per cent to $1,801.80.

Bullion prices dropped more than 1 per cent in the previous session after US economic data highlighted the country's economy rebounded faster than previously estimated, boosting the dollar and potentially setting the Fed on a keener path to fight inflation. Although gold is considered a hedge against inflation and economic uncertainties, interest rates increase the opportunity cost of holding bullion since it pays no interest.

In Mumbai, Delhi, and Kolkata, one kg of silver is trading at Rs 70,100 per kg today. Meanwhile, in Chennai, Bangalore and Hyderabad, silver is selling at Rs 74,700 per kg.

Spot silver rose 0.3 per cent to $23.63.

(With Reuters inputs)