Gold, silver rates rise in early trade; yellow metal trading at Rs 54,110

Silver prices rise by Rs 1,300 per kg, trading at Rs 66,500 today

Gold and silver became dearer in Tuesday's early trade with 10 grams of the yellow metal (24-carat) selling at Rs 54,110, after a change of Rs 160. Meanwhile, silver prices went up by Rs 1,300 per kg, trading at Rs 66,500 today.

Ten grams of 22-carat gold was trading at Rs 49,600 today after an increase of Rs 150, according to the GoodReturns website.

In Mumbai, Kolkata, and Hyderabad, Kerala and Pune, 10 grams of gold (24-carat and 22-carat) is selling at Rs 54,110, and Rs 49,600, respectively.

In Delhi, 24-carat and 22-carat gold is trading at Rs 54,260, and Rs 49,750, respectively. In Chennai, 10 grams of 24-carat and 22-carat gold is trading at Rs 55,040 and Rs 50,450.

Gold prices were little changed in early Asian trade toda, after falling more than 1.5 per cent in the previous session as the US dollar rebounded on bets that strong economic data may prompt bigger interest rate hikes by the Federal Reserve. 

Spot gold was flat at $1,768.61 per ounce, as of 0011 GMT. Bullion hit a five-month high on Monday before closing 1.6 per cent lower in its biggest daily drop since September 23. US gold futures were little changed at $1,780.90.

Higher interest rates tend to weigh on gold's appeal as they increase the opportunity cost of holding the non-yielding metal. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.2 per cent to 903.46 tonnes. 

The price of 1 kg of silver in Delhi, and Mumbai was Rs 66,500. In Chennai, Bengaluru, and Hyderabad, the metal was trading at Rs 72,500 per kg.

Spot silver inched 0.1 per cent lower to $22.23. 

(With inputs from Reuters)