Gold, silver prices rise in early trading; gold selling at Rs 50,350

Silver prices rose Rs 1000 from yesterday's close and the precious metal is selling at Rs 71,300 per kg

The price of gold rose by Rs 330, with ten grams of the yellow metal (24-carat) trading at Rs 54,930. Silver prices, on the other hand, rose by Rs 1000 from yesterday's close, and the precious metal is selling at Rs 71,300 per kg.

The price of 22-carat gold rose by Rs 300 from yesterday's to Rs 50,350, according to the GoodReturns website.

In Mumbai, Kolkata, and Hyderabad, 10 gram of 24-carat and 22-carat gold is selling at Rs 55,790 and Rs 51,140, respectively.

In Delhi, 10 gram of 24-carat and 22-carat gold is trading at Rs 55,080 and Rs 50,500, respectively. In Chennai, 10 gram of 24-carat and 22-carat gold is selling at Rs 55,580 and Rs 50,950 respectively.

US gold prices edged up on Friday as the non-yielding metal is on track to close its best quarter since June 2020 on expectations of slower interest rate hikes by the Federal Reserve after being beaten down from record highs earlier this year.

Bullion is only down about 0.5 per cent in 2022 as back-to-back rate hikes by the US central bank pushed gold to a more than two-year low in September, but prices have pared losses since.

On the last trading day of 2022, spot gold rose 0.2 per cent to $1,818.70 per ounce by 2:17 p.m. ET (1858 GMT), while US gold futures settled unchanged at $1,826.2.

In Delhi, Mumbai, and Kolkata, 1 kg of silver is currently trading at Rs 71,300.