Gold, Silver Down In Early Trading Today; yellow metal at Rs 50 180/10 g

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Gold and silver in early trading on Friday fell as 24 carats of the yellow metal is currently trading at Rs 50,180 after falling Rs 440. Silver, on the other hand, was selling at Rs 55,600 on kg after a drop of Rs 300.

Meanwhile, 10 grams of 22 karat gold is trading at Rs 46,000 after falling by Rs 400.

Spot gold rose 1% to $1,712.61 an ounce at 1636 GMT, after hitting its lowest level since March 2021 at $1,680.25. US gold futures rose 0.6% to $1,711.00.

With demand for bullion restrained amid aggressive monetary policies and rising US bond yields, gold was little changed on Wednesday as it failed to make the most of a weaker dollar.

Although gold is considered a hedge against inflation, higher interest rates and bond yields increase the opportunity cost of holding bullion, which pays no interest.

In Delhi, Mumbai and Kolkata, 10 grams of 24 karat gold sells for Rs 50,180, while 10 grams of 22 karat gold sells for Rs 46,000. In Chennai, 10 grams of 24 karat gold and 22 carat gold is currently trading at Rs 50,500 and Rs 46,300 respectively.

In Mumbai and Kolkata, one kg of silver sells for Rs 55,600. While one kg of silver in Delhi, Chennai, Bengaluru and Hyderabad sells for Rs 61,000.

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