Gold, silver unchanged in early trade; yellow metal selling at Rs 50,200

Gold and silver prices remaine unchanged in Monday'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 50,730 and Rs 46,500, respectively.

Gold prices fell to a new 2-1/2-year low on Monday, weighed down by a sturdy dollar and prospects of further interest rate hikes by the US Federal Reserve to bring down inflation. Spot gold was down 0.3 per cent at $1,638.59 per ounce, as of 0053 GMT, after hitting its lowest level since April 2020 earlier in the session. US gold futures fell 0.6 per cent to $1,645.8.

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 61,500.

Spot silver fell 0.8 per cent to $18.68 per ounce.