Gold price rises to Rs 56,290, silver price unchanged at Rs 66,800

Gold price rose by Rs 170 in Wednesday's early trade with ten grams of 24-carat gold trading at Rs 56,290, according to the GoodReturns website. Silver prices were unchanged with 1 kg of the precious metal selling at Rs 66,800.

The price of ten grams of 22-carat gold went up by Rs 150 to Rs 51,600.

The price of ten grams of 22-carat gold in Mumbai is at par with the price of gold in Kolkata and Hyderabad, at Rs 51,600.

The price of ten grams of 22-carat gold in Delhi, Bengaluru and Chennai is Rs 51,650, Rs 51,750, and Rs 52,350, respectively.

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 56,290.

The price of ten grams of 24-carat gold in Delhi, Bengaluru and Chennai is Rs 56,440, Rs 56,340, and Rs 57,110, respectively.

US gold prices were lower on Thursday as the dollar firmed, with a fresh set of global economic data cementing investor worries that global interest rates would stay higher for longer than expected.

Spot gold was down 0.2 per cent at $1,833.57 per ounce, as of 0315 GMT, after hitting a one-week peak on Wednesday. US gold futures slipped 0.3 per cent to $1,840.50.

Although considered a hedge against inflation, higher interest rates to tame rising prices increase the opportunity cost of holding non-yielding bullion.

Gold prices "are just consolidating. The dollar has strengthened and that's why we see gold prices coming down a little," said Brian Lan, managing director at Singapore-based dealer GoldSilver Central.

(With inputs from Reuters)