Gold prices in Wednesday’s early trade went down by Rs 380 per 10 gram as 24-carat of the yellow metal is currently trading at Rs 50,780. Silver, on other the hand, became cheaper by Rs 400 per kg, selling at Rs 54,500.
Meanwhile, 10 gram of 22-carat gold is trading at Rs 46,580 on Wednesday after a decrease of Rs 320.
In global trades, gold inched up, as the dollar weakened slightly. Spot gold firmed 0.1 per cent to $1,718.97 per ounce, by 0041 GMT, while US gold futures dipped 0.1 per cent to $1,716.70. Spot silver rose 0.4 per cent to $18.68 per ounce.
With demand for bullion being restrained amid prospects of aggressive monetary policies and rising US bond yields, gold was little changed on Wednesday as it failed to make the most of a pullback in the dollar.
Although gold is seen as an inflation hedge, higher interest rates and bond yields raise the opportunity cost of holding bullion, which yields no interest.
In Delhi, Mumbai, and Kolkata, 24-carat gold is selling at Rs 50,780 per 10 gram. Whereas, 10 gram of 22-carat gold in Delhi, Mumbai, and Kolkata is selling at Rs 46,580. In Chennai, 10 gram of 24-carat gold and 22-carat gold is currently trading at Rs 51,580 and Rs 47,280 respectively.
In, Mumbai, Delhi, and Kolkata, one kg of silver is selling at Rs 54,500. Whereas, one kg of silver in Chennai, Bengaluru, and Hyderabad, is trading at Rs 60,800 on Wednesday.