Gold, silver rise in today’s early trade; yellow metal up Rs 440 per 10 gm

Gold became dearer in Wednesday’s early trade by Rs 440 per 10 gram as the yellow metal (24-carat) is trading at Rs 52,310. Meanwhile, silver went up by Rs 1,600 per kg on Wednesday, selling at Rs 59,000.

Ten gram of 22-carat gold on Wednesday is trading at Rs 47,950 after an increase of Rs 400.

In Mumbai, and Kolkata, 24-carat gold was selling at Rs 52,310 per 10 gram, while that of 22-carat gold traded at Rs 47,950 in the respective cities. In Delhi, 24-carat and 22-carat of the yellow metal were trading at Rs 52,470 and Rs 48,100 per 10 gm on Wednesday.

In Chennai, 24-carat and 22-carat gold is trading at Rs 53,450 and Rs 49,000, respectively.

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.

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 is selling at Rs 59,000. Whereas, one kg of silver in Chennai, Bengaluru, and Hyderabad, is trading at Rs 64,500 on Wednesday.

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