Gold, silver prices fall in early trade; yellow metal selling at Rs 54,220

Gold and silver prices witnessed a drop in Saturday's early trade with ten grams of the yellow metal (24-carat) trading at Rs 54,220, after a fall of Rs 310 from yesterday's close. Silver, on the other hand, fell by Rs 1,000 and is trading at Rs 69,500 per kg today.

Ten gram of 22-carat gold is trading at Rs 49,700 today, according to the GoodReturns website.

In Mumbai, Kolkata, and Hyderabad, Kerala and Pune, 10 grams of gold (24-carat and 22-carat) is selling at Rs 54,220, and Rs 49,700, respectively.

In Delhi, 24-carat and 22-carat gold is trading at Rs 54,380, and Rs 49,850, respectively. In Chennai, 10 grams of 24-carat and 22-carat gold is trading at Rs 55,040 and Rs 50,450, respectively.
 

Gold was set for its biggest weekly decline since mid-November despite a recovery on Friday, after the US Federal Reserve indicated more interest rate hikes were needed to curb inflation.

Spot gold rose 0.8% to $1,791.59 per ounce by 1:50 p.m. ET (1850 GMT), but has lost about 0.3% this week. US gold futures settled 0.7% higher at $1,800.20.

In Mumbai, Delhi, and Kolkata, one kg of silver is trading at Rs 69,500 per kg today. Meanwhile, in Chennai, Bangalore and Hyderabad, silver is selling at Rs 72,500 per kg.

(With inputs from Reuters)