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

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

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,