Gold rises in early trade, selling at Rs 51,650 per 10 gm; silver unchanged

Gold became dearer in Wednesday's early trade, up by Rs 270 per 10 gram with 24-carat of the yellow metal trading at Rs 51,650. The price of silver, on other the hand, remained unchanged on Wednesday, trading at Rs 58,000 per kg.

Meanwhile, 10 gram of 22-carat gold is trading at Rs 47,350 on Wednesday after an increase of Rs 250.

Spot gold was down 0.2 per cent at $1,757.08 per ounce, as of 0105 GMT, after hitting a near one-month high of $1,787.79 on Tuesday. US gold futures dropped 0.9 per cent to $1,772.80 per ounce. 

Spot silver fell 0.7 per cent to $19.81 per ounce. 

Gold, which tends to appreciate on expectations of lower interest rates, has gained nearly $100 since falling on July 21 to its lowest level in more than one year.

Uncertainty over the economic outlook, a higher import duty and the possibility of additional curbs on gold buying, even if for temporary and tactical reasons with an eye on rupee-dollar exchange rate are some of the reasons, WGC believes, that will keep jewellery demand in India in check.

In Mumbai, and Kolkata, 24-carat gold is selling at Rs 51,650 per 10 gram, while 10 gram of 22-carat gold is selling at Rs 47,350 in the respective cities. In Delhi, 24-carat and 22-carat of the yellow metal are trading at Rs 51,820 and Rs 47,500 per 10 gm on Wednesday.

In Chennai, 10 gram of 24-carat and 22-carat gold is currently trading at Rs 52,580 and Rs 48,200, respectively.

In, Mumbai, Delhi, and Kolkata, one kg of silver is selling at Rs 58,000. Whereas, one kg of silver in Chennai, Bengaluru, and Hyderabad, is trading at Rs 63,600 on Wednesday.