Gold, silver prices rise; yellow metal selling at Rs 56,950 per 10 grams

Gold prices rose on Tuesday by Rs 210, with 10 grams of the yellow metal (24-carat) trading at Rs 56,950. Silver price also rose by Rs 150 per kilogram from yesterday's close. The precious metal was selling at Rs 72,900 per kg.

The price of 22-carat gold rose Rs 190 from yesterday's close to Rs 52,200, according to the GoodReturns website.
 
In Mumbai, Kolkata, and Hyderabad, 10 gram of 24-carat and 22-carat gold was selling at Rs 56,950 and Rs 52,200, respectively.
 

In Delhi, 10 grams of 24-carat and 22-carat gold was trading at Rs 57,100 and Rs 52,350, respectively. In Chennai, 10 gram of 24-carat and 22-carat gold was selling at Rs 58,000 and Rs 53,170, respectively.

Gold prices inched lower on Tuesday, weighed by an uptick in the dollar, although hopes of slower interest rate hikes by the US Federal Reserve capped further losses.

Spot gold was down 0.4 per cent at $1,910.48 per ounce, as of 0304 GMT. On Monday, prices hit $1,929, the highest since late-April 2022.

US gold futures fell 0.5 per cent to $1,912.70.

According to industry analysts, gold prices are expected to hit record highs above $2,000 an ounce this year, albeit with a little turbulence, as the Fed slows the pace of hikes and eventually stops increasing them.

In Delhi, Mumbai, and Kolkata, 1 kg of silver is trading at Rs 72,900, while in Chennai and Hyderabad it is selling at Rs 75,800.

Spot silver inched 0.8 per cent lower to $24.20.

Platinum was flat at $1,062.50, while palladium rose 0.2% to $1,754.37.

(With Reuters inputs)