Gold, silver prices remain unchanged; yellow metal trading at Rs 54,380

Gold and silver prices remained unchanged from yesterday's close in early trade on Monday with ten grams of yellow metal (24-carat) trading at Rs 54,380. Silver prices was selling at Rs 71,100 per kg.

Ten gram of 22-carat gold was selling at Rs 49,850, according to the GoodReturns website.

In Mumbai, Kolkata, and Hyderabad, 10 gram of 24-carat and 22-carat gold was selling at Rs 54,380 and Rs 49,850, respectively. 

In Delhi, 10 gram of 24-carat and 22-carat gold traded at Rs 54,530 and Rs 50,000 respectively. In Chennai, ten gram of 24-carat and 22-carat gold was selling at Rs 55,400 and Rs 50,790 respectively.

Spot gold rose 0.2% to $1,796.53 per ounce by 2:22 p.m. ET (1922 GMT), while U.S. gold futures settled up 0.5% at $1,804.2.

Gold was up about 0.2% for the week, its best in three.

U.S. consumer spending, edged up 0.1% in November after climbing 0.4% in October, while inflation cooled further.

With inflation close to being in line with expectations, gold prices were higher on fresh speculative buying ahead of the new year on bets that the bigger funds might move to the long side of gold at the beginning of the year, said Jim Wyckoff, senior analyst at Kitco Metals.

In Delhi, Mumbai, and Kolkata, one kg of silver is currently trading at Rs 71,100, whereas, 1 kg of silver is selling at Rs 74,000 in Chennai. 

Spot silver rose 0.6% to $23.70 per ounce, platinum jumped 4.3% to $1,019.72, and palladium was up 3.6% to $1,741.75. All three are set for weekly gains.

(With Reuters inputs)