Gold, silver rates rise in early trade today; yellow metal at Rs 52,970

Gold and silver prices rose in Friday's early trade with ten grams of the yellow metal (24-carat) selling at Rs 52,970, after an increase of Rs 330. Silver prices increased by Rs 1,200 from yesterday's closing price with 1 kg of the precious metal selling at Rs 62,200.

Ten grams of 22-carat gold is trading at Rs 48,550 today, after an increase of Rs 300, according to the GoodReturns website.

In Mumbai, Kolkata, and Hyderabad, ten grams of gold (24-carat and 22-carat) are selling at Rs 52,970, and Rs 48,550.

In Delhi, 24-carat and 22-carat gold is trading at Rs 53,120, and Rs 48,700, respectively. In Chennai, 10 grams of gold are trading at Rs 53,780 (24-carat) and Rs 49,310 (22-carat).

Gold prices were flat on Friday, but they were set for a small weekly gain buoyed by the dollar's overall retreat on a perceived dovish tilt to the U.S. Federal Reserve's interest rate hike strategy. Spot gold was little changed at $1,753.47 per ounce by 0016 GMT. US gold futures rose 0.5 per cent to $1,753.30.

Lower rates tend to lift appeal for bullion in comparison with other interest-bearing assets. Physical gold demand in Asia stayed soft this week, with premiums in top hub China easing further as fresh Covid-19 restrictions dimmed activity, while higher domestic prices put off most buyers in India.

The price of 1 kg of silver in Delhi, Mumbai, and Kolkata is Rs 62,200. In Chennai, Bengaluru, and Hyderabad, the metal is trading at Rs 68,200 per kg.

Spot silver eased 0.3 per cent to $21.45. 

(With inputs from Reuters)