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Gold, silver fall in early trade; yellow metal selling at Rs 51,930 /10 gm

fell by Rs 220 per 10 gram in Tuesday’s early trade as the yellow metal (24-carat) is trading at Rs 51,930. The price of silver, meanwhile, fell Rs 400 to Rs 55,200 per kg.

Ten gram of 22-carat gold was trading at Rs 47,600 on Tuesday after a decrease of Rs 200.

In Mumbai and Kolkata, 24-carat gold is selling at Rs 51,930 per 10 gram, while 22-carat gold is trading at Rs 47,600 in the respective cities. In Delhi, 24-carat and 22-carat gold is trading at Rs 52,100 and Rs 47,750 per 10 gm, respectively.

In Chennai, 24-carat and 22-carat gold is trading at Rs 52,530 and Rs 48,150, respectively.

edged higher on Tuesday after hitting a near one-month low in the previous session, helped by a slight pullback in the dollar although lingering worries over further aggressive US interest rate hikes kept gains in check.

Spot gold was up 0.2 per cent at $1,738.90 per ounce, as of 0128 GMT, after hitting its lowest since July 27 at $1,727.01 on Monday. The US gold futures gained 0.2 per cent to $1,751.70.

Gold is highly sensitive to rising US interest rates, as these increase the opportunity cost of holding non-yielding bullion. Gold demand in India improved last week as domestic prices dropped to a more than two-week low, while volumes were sombre in other Asian centres.

Meanwhile, one kg of silver was trading at Rs 55,200 in Delhi, Mumbai, and Kolkata. In Chennai, Bengaluru, Hyderabad, and Kerala, silver is selling at Rs 61,100 per kg.

Spot silver gained 0.2 per cent to $19.06 4 per ounce.

(With inputs from Reuters)

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