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Gold, silver remain unchanged in early trade; yellow metal at Rs 51,870

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Gold and silver prices remained unchanged in Monday’s early trade as 10 gram of the yellow metal (24-carat) is trading at Rs 51,870. Silver, on the other hand, is selling at Rs 57,400 per kg.

Meanwhile, 10 gram of 22-carat gold is trading at Rs 47,550 on Monday.

Gold prices were flat on Monday after solid US jobs report last week boosted the prospect of aggressive interest rate hikes by the Federal Reserve, lifting the dollar and bond yields.

In Mumbai, and Kolkata, 24-carat gold is selling at Rs 51,870 per 10 gram, while 10 gram of 22-carat gold is selling at Rs 47,550 in the respective cities. In Delhi, 24-carat and 22-carat of the yellow metal are trading at Rs 52,030 and Rs 47,700 per 10 gm on Monday.

In Chennai, 10 gram of 24-carat and 22-carat gold is currently trading at Rs 52,850 and Rs 48,450, respectively.

Spot gold was flat at $1,774.09 per ounce, as of 0121 GMT, after dropping 1 per cent in the previous session. US gold futures were steady at $1,790.60. Although gold is seen as a hedge against inflation, rising US interest rates dull bullion’s appeal.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.12 per cent to 999.16 tonnes on Friday.

In, Mumbai, Delhi and Kolkata, one kg of silver is selling at Rs 57,400. Whereas, one kg of silver in Chennai, Bengaluru, and Hyderabad, is trading at Rs 63,000 on Monday.

Spot silver eased 0.2 per cent to $19.83 per ounce.

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