Gold, silver rates fall in early trade; yellow metal trading at Rs 52,920

Gold and went down in Tuesday’s early trade with ten grams of the yellow metal (24-carat) at Rs 52,920, after a decrease of Rs 100. dropped by Rs 400 from yesterday’s closing price with 1 kg of the precious metal selling at Rs 60,600.

Ten grams of 22-carat gold is trading at Rs 48,500 today, according to the GoodReturns website.

In Mumbai, Kolkata, and Hyderabad, ten grams of gold (24-carat and 22-carat) are selling at Rs 52,920, and Rs 48,500.

In Delhi, 24-carat and 22-carat gold is trading at Rs 53,070, and Rs 48,700. In Chennai, gold is trading at Rs 53,670 (24-carat) and Rs 49,200 (22-carat).

Gold rose on Tuesday, recouping some of the last session’s declines, as the dollar eased, with the focus turning to minutes from the US Federal Reserve’s latest meeting for clues on future rate hikes. Spot gold rose 0.3 per cent to $1,743.07 per ounce by 0215 GMT. US gold futures gained 0.3 per cent to $1,744.50.

While gold is considered an inflation hedge, high interest rates discourage investing in non-yielding bullion.

The price of 1 kg of silver in Delhi, Mumbai, and Kolkata is Rs 60,600. In Chennai, Bengaluru, and Hyderabad, the metal is trading at Rs 66,500 per kg.

Silver advanced 1 per cent to $21.05 per ounce.

(With inputs from Reuters)

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