Gold, silver remain unchanged for 2nd day; yellow metal trades at Rs 51,870

remained unchanged in Tuesday’s early trade for the second day in a row, as 10 gram of the yellow metal (24-carat) traded at Rs 51,870, while silver sold at Rs 57,400 per kg.

10 gram of 22-carat gold traded at Rs 47,550 on Tuesday.

Globally, the were flat on Tuesday as the and Treasury yields fell, while investors looked forward to the US inflation data later this week that could offer more clarity on the Federal Reserve’s rate hike path.

In the southern cities of Chennai, Coimbatore¸ and Madurai, 10 gram of 24-carat was trading at Rs 52,900, while 22-carat gold traded at Rs 48,500 per 10-gram.

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

Spot gold were flat at $1,786.86 per ounce, as of 0112 GMT, after rising 0.8 per cent in the previous session. US gold futures were steady at $1,804.70.

As the dollar index moved further away from a one-week peak hit post Friday’s blockbuster US jobs report, it made gold less expensive for other currency holders.

The benchmark US 10-year Treasury yields have dipped to 2.7554 per cent, reducing the opportunity cost of holding non-interest bearing gold.

are looking ahead to US inflation data for July, which will be released on Wednesday. Analysts polled by Reuters expect annual inflation to have eased to 8.7 per cent in July from 9.1 per cent in June.

US Fed funds futures traders are now pricing for a 64.5 per cent chance of another 75-basis-point rate increase at the US central bank’s next policy meeting in September to combat soaring inflation.

Although gold is seen as a hedge against inflation, higher US interest rates dull non-yielding bullion’s appeal.

In, Mumbai, Delhi and Kolkata, one kg of silver sold at Rs 57,400. Whereas, one kg of silver in Chennai, Bengaluru, and Hyderabad, traded at Rs 63,000 on Tuesday.

Spot silver eased 0.1 per cent to $20.63 per ounce, platinum fell 0.1 per cent to $938.99, and palladium was unchanged at $2,231.82.

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