Gold, silver rates unchanged today; yellow metal selling at Rs 50,130

Gold and silver rates were unchanged in Monday's early trade with 10 gram of the yellow metal (24-carat) trading at Rs 50,130. Silver is trading at Rs 56,700 per kg today. Meanwhile, ten grams of 22-carat gold is trading at Rs 45,950 today.

In Mumbai and Kolkata, 24-carat gold is selling at Rs 50,130 per 10 gram, while 22-carat gold is trading at Rs 45,950 in the respective cities. In Delhi, 24-carat and 22-carat gold are trading at Rs 50,280 and Rs 46,100 per 10 gm, respectively.

In Chennai, 24-carat and 22-carat gold is trading at Rs 50,620 and Rs 46,400, respectively.

While weakness in the dollar is helping pull gold off its lows, higher yields are likely to make it more difficult for prices to make any meaningful gains in the short term, said Michael Hewson, chief markets analyst at CMC Markets. The ascent of the dollar and yields has been a drag for gold, which was hovering at $1,672 an ounce after hitting lows not seen since April 2020 last week.

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 56,700. In Chennai, Bengaluru, and Hyderabad, one kg of silver is selling at Rs 62,000.