Gold trading at Rs 55,590 as rates rise in early trade, silver unchanged

Gold became dearer in Wednesday's early trade while the price of silver remained unchanged. Ten grams of 24-carat gold is trading at Rs 55,590, after an increase of Rs 10, according to the GoodReturns website. Silver is selling at Rs 72,000. 

Ten grams of 22-carat gold is selling at Rs 50,960, after an increase of Rs 10.

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 55,590. In Delhi, Bengaluru, and Chennai, ten grams of 24 carat gold is trading at Rs 55,740, Rs 55,640, and Rs 56,670, 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 50,960. The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 51,100, Rs 51,010, and Rs 51,950, respectively.

In international markets, gold prices were listless during early Asian hours on Wednesday, as investors awaited minutes from the Federal Reserve's December policy meeting that could offer hints on the US central bank's tightening path. Spot gold held its ground at $1,838.69 per ounce, as of 0023 GMT, after hitting a six-month peak in the previous session. US gold futures dipped 0.1 per cent to $1,843.60.

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 72,000 today. In Chennai, Bengaluru, and Hyderabad, the metal is selling at Rs 75,500 per kg.

Spot silver rose 0.2 per cent to $24.03.

(With inputs from Reuters)