Gold, silver prices fall; yellow metal trading at Rs 50,730 per 10 gram

Silver prices too suffered losses in trade. 1 kg of silver is currently trading at Rs 55,000 after witnessing a fall of Rs 2,000 as compared to previous day's rate

Gold prices fell by Rs 430 as compared to yesterday. Ten gram of 24-carat gold is currently trading at Rs 50,730, whereas, it was trading at Rs 51,160 on Friday. Ten gram of 22-carat gold, on the other hand, has been selling at Rs 46,500 after a fall of Rs 400.

Silver prices too, suffered losses in trade. One kg of silver is currently trading at Rs 55,000 after witnessing a fall of Rs 2,000 as compared to previous day's rate. 

In the US, gold slipped on Friday and was headed for a fifth consecutive weekly loss, knocked down by the dollar's overall strength amid prospects of steep rate hikes by the US Federal Reserve. Gold is considered an inflation hedge, but rate hikes raise the opportunity cost of holding non-yielding bullion.

In Delhi, Mumbai, and Kolkata, 10 gram of 24-carat gold is selling at Rs 50,730. Whereas, 10 gram of 22-carat gold is selling at Rs 46,500.

In Chennai, ten gram of 24-carat gold and 22-carat gold are currently selling at Rs 50,580 and Rs 46,360, respectively.

In Delhi, Mumbai, and Kolkata, 1 kg of silver is selling at Rs 55,000. In Chennai, one kg of silver is trading at Rs 60,400.

Spot gold fell 0.3% to $1,704.30 per ounce by 1750 GMT, and has lost around 2.2% so far this week. Silver was up 1.5% at $18.65 per ounce, but was headed for a weekly decline