Gold, silver rates go down in early trade; yellow metal at Rs 50,890/10 gm

Silver is down by Rs 400 and is trading at Rs 58,500 per kg today

Gold and silver became cheaper in Thursday's early trade with 10 gram of the yellow metal (24-carat) trading at Rs 50,890, after a change of Rs 270. Silver, on the other hand, is down by Rs 400 and is trading at Rs 58,500 per kg. Ten grams of 22-carat gold is trading at Rs 46,650 after a decrease of Rs 250.

In Mumbai and Kolkata, 24-carat gold is selling at Rs 50,890 per 10 gram, while 22-carat gold is trading at Rs 58,500, respectively. In Delhi, 24-carat and 22-carat gold are trading at Rs 51,050 and Rs 46,800 per 10 gm, respectively.

In Chennai, 24-carat and 22-carat gold is trading at Rs 51,600 and Rs 47,300, respectively.

Gold prices were steady on Thursday as market participants refrained from making big moves ahead of key US inflation reading that could influence the size of the Federal Reserve's next interest rate hike.

Spot gold held its ground at $1,672.79 per ounce, as of 0026 GMT. US gold futures were up 0.1% at $1,679.80.

Gold is considered an inflation hedge, but rising interest rates reduce the appeal of bullion, which yields no interest.

The world's most important certifier of gold refineries said on Wednesday it wants to recognise firms that gather and refine gold dug up by small-scale miners in developing countries.

Meanwhile, 1 kg of silver in Mumbai, Delhi, and Kolkata is trading at Rs 58,500. In Chennai, Bengaluru, and Hyderabad, one kg of silver is selling at Rs 63,000.

Spot silver fell 0.2 per cent to $19.03 per ounce.

(With inputs from Reuters)