Gold, silver rates unchanged in early trade; yellow metal at Rs 51,600

Gold and silver prices remained unchanged in Monday's early trade with ten gram of the yellow metal (24-carat) trading at Rs 51,600. On the other hand, silver was trading at Rs 54,800 per kg.

Ten gram of 22-carat gold is trading at Rs 47,300 on Monday. 

In Mumbai and Kolkata, 24-carat gold is selling at Rs 51,600 per 10 gram, while 22-carat gold is trading at Rs 47,300 in the respective cities. In Delhi, 24-carat and 22-carat gold is trading at Rs 51,760 and Rs 47,450 per 10 gm, respectively.

In Chennai, 24-carat and 22-carat gold is trading at Rs 52,420 and Rs 48,050, respectively.

Gold prices fell on Monday, as the dollar held on to gains following US Federal Reserve Chair Jerome Powell's signal that the central bank will raise interest rates further to tame sky-high inflation.

Spot gold fell 0.3 per cent to $1,732.17 per ounce, as of 0107 GMT, after falling 1.2 per cent on Friday. The US gold futures were down 0.3 per cent at $1,745.3.

Americans are headed for a painful period of slow economic growth and possibly rising joblessness as the Fed raises interest rates to fight high inflation, Powell warned on Friday at the Jackson Hole central banking conference in Wyoming. 

Higher interest rates increase the opportunity cost of holding non-yielding bullion, while boosting the dollar.

One kg of silver was trading at Rs 54,800 in Delhi, Mumbai, and Kolkata. In Chennai, Bengaluru, Hyderabad, and Kerala, silver is selling at Rs 60,700 per kg.

Spot silver fell 1 per cent to $18.69 per ounce.