Gold falls by Rs 110 to trade at Rs 51,540; silver unchanged at Rs 54,000

increased by Rs 110 in Wednesday’s early trade with 10 gram of yellow metal (24-carat) trading at Rs 51,540. On the other hand, remained unchanged in early trade, selling at Rs 54,000 per kg.

Ten gram of 22-carat gold is trading at Rs 47,250 after an increase of Rs 100.

In Mumbai and Kolkata, 24-carat gold is selling at Rs 51,540 per 10 gram, while 22-carat gold is trading at Rs 47,250 in the respective cities. In Delhi, 24-carat and 22-carat gold is trading at Rs 51,690 and Rs 47,400 per 10 gm, respectively.

In Chennai, 24-carat and 22-carat gold is trading at Rs 52,250 and Rs 47,900, respectively.

Gold languished near a one-month low on Wednesday and was set for a fifth consecutive monthly drop, as solid US data and hawkish Federal Reserve comments pointing to higher interest rates dented the non-yielding metal’s appeal. Spot gold was flat at $1,723.28 per ounce, as of 0109 GMT, trading close to a one-month trough hit on Monday. It has declined 2.5 per cent so far in the month. The US gold futures fell 0.1 per cent to $1,734.40.

While gold is considered a safe bet during economic uncertainty, interest rate hikes increase the opportunity cost of holding the non-yielding asset.

The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.44 per cdnt to 976.26 tonnes on Tuesday from 980.61 tonnes on Monday.

One kg of silver was trading at Rs 54,000 in Delhi, Mumbai, and Kolkata. In Chennai, Bengaluru, Hyderabad, and Kerala, silver is selling at Rs 60,100 per kg.

Spot silver dipped 0.5 per cent to $18.40 per ounce.

(With inputs from Reuters)

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