Gold and Silver Rising in Early Trading Today; yellow metal up to Rs 440 per 10 g

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Gold became more expensive in early trading on Wednesday by Rs 440 per 10 grams, with the yellow metal (24 carats) trading at Rs 52,310. Meanwhile, silver rose by Rs 1,600 per kg on Wednesday , selling at Rs 59,000.

Ten grams of 22-karat gold is trading at Rs 47,950 on Wednesday after rising by Rs 400.

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

In Chennai, 24k and 22k gold are trading at Rs 53,450 and Rs 49,000, respectively.

As the dollar index retreated from a one-week high after Friday’s hit US jobs report, it made gold cheaper for other currency holders.

Benchmark 10-year US Treasury yields fell to 2.7554%, reducing the opportunity cost of holding non-interest bearing gold.

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

Although gold is considered an inflation hedge, rising interest rates in the United States are dampening the appeal of zero-yield bullion.

In Mumbai, Delhi and Kolkata, one kg of silver is selling at Rs 59,000. While one kg of silver in Chennai, Bengaluru and Hyderabad is trading at Rs 64,500 on Wednesday.

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