Gold, silver unchanged for second day; yellow metal trading at Rs 50,200

Silver is trading at Rs 56,300 per kg today

Gold and silver prices remained unchanged in Tuesday's early trade with 10 gram of the yellow metal (24-carat) trading at Rs 50,200, according to the Good Returns website. Silver is trading at Rs 56,300 per kg. Meanwhile, ten grams of 22-carat gold is trading at Rs 46,000.

In Mumbai and Kolkata, 24-carat gold is selling at Rs 50,200 per 10 gram, while 22-carat gold is trading at Rs 46,000, respectively. In Delhi, 24-carat and 22-carat gold are trading at Rs 50,350 and Rs 46,150 per 10 gm, respectively.

In Chennai, 24-carat and 22-carat gold is trading at Rs 50,740 and Rs 46,510, respectively.

Gold prices rose on Tuesday as the dollar's rally paused, but prices held close to a 2-1/2-year low on expectations of further policy tightening by the U.S. Federal Reserve in its efforts to quell soaring inflation. Spot gold gained 0.6 per cent at $1,631.89 per ounce, as of 0103 GMT. Prices hit their lowest level since April 2020 at $1,620.20 on Monday. The US gold futures rose 0.3 per cent to $1,638.1.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.40 per cent to 943.47 tonnes on Monday from 947.23 tonnes on Friday.

Even though gold is seen as a hedge against inflation, higher interest rates increase the opportunity cost of holding bullion and boost the dollar.

Meanwhile, 1 kg of silver in Mumbai, Delhi, and Kolkata was trading at Rs 56,300. In Chennai, Bengaluru, and Hyderabad, one kg of silver is selling at Rs 60,700.

Spot silver fell 1 per cent at $18.52 per ounce.