Gold prices decline in early trade, at Rs 55,040; silver rates unchanged

Gold prices went down in Tuesday's early trade with ten grams of 24-carat of the yellow metal trading at Rs 55,040, after a decrease of Rs 160, according to the GoodReturns website. Silver prices, on the other hand, remained unchanged in today's trade, and is selling at Rs 71,300. 

Ten grams of 22-carat gold is selling at Rs 50,450, after a decrease of Rs 150.

The price of ten grams of 24-carat gold in Mumbai is at par with the price of gold in Kolkata and Hyderabad, at Rs 55,040. In Delhi, Bengaluru, and Chennai, ten grams of 24 carat gold is trading at Rs 55,200, Rs 55,100, and Rs 56,180, respectively.

The price of ten grams of 22-carat gold in Mumbai is at par with the price of gold in Kolkata and Hyderabad, at Rs 50,450.

The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 50,600, Rs 50,500, and Rs 51,500, respectively.

In international markets, gold prices hit a six-month high on Tuesday in thin trading, with the market's attention turning to minutes from the US Federal Reserve's latest policy meeting due this week. Spot gold was up 0.8 per cent at $1,838.69 per ounce as of 0257 GMT. US gold futures rose 1 per cent to $1,843.90.

Gold is considered a hedge against inflation and economic uncertainties, but higher interest rates increase the opportunity cost of holding gold as it pays no interest.

In Delhi, Mumbai, and Kolkata, one kg of silver is trading at Rs 71,300 today. In Chennai, Bengaluru, and Hyderabad, the metal is selling at Rs 74,500 per kg.

Spot silver rose 1.1 per cent to $24.25.