Gold, silver prices rise marginally, silver selling at Rs 58,100/kg today

Gold rates surged in Thursday's early trade with 10 gram of the yellow metal (24-carat) trading at Rs 51,280, after an increase of Rs 170, according to the GoodReturns website. Meanwhile, silver prices increased marginally today, with 1 kg of the precious metal trading at Rs 58,100, after an increase of Rs 100.

Ten gram of 22-carat gold is trading at Rs 47,000 today after an increase of Rs 150.

In Mumbai and Kolkata, 24-carat gold is selling at Rs 51,280 per 10 gram, while 22-carat gold (per 10 grams) is trading at Rs 47,000. In Delhi, 24-carat and 22-carat gold are trading at Rs 51,430 and Rs 47,150 per 10 gm, respectively.

In Chennai, 24-carat and 22-carat gold is trading at Rs 51,980 and Rs 47,650, respectively.

US Gold prices rose on Thursday, as the US dollar and Treasury yields fell on mounting expectations of slower monetary policy tightening by the Federal Reserve later in the year.

Spot gold rose 0.3 per cent to $1,669.16 per ounce by 0116 GMT, after hitting a two-week high on Wednesday.

US gold futures were up 0.3 per cent at $1,673.30.

While gold is considered a hedge against inflation, higher interest rates increase the opportunity cost of holding the bullion, which yields nothing.

In Mumbai, Delhi, Kolkata and Bengaluru, 1 kg of silver is selling at Rs. 58,100. While in Chennai and Hyderabad, 1 kg of silver is selling at Rs 64,500.

(With inputs from Reuters)