Gold prices fall, silver rises in early trade; yellow metal at Rs 54,330

Gold prices slipped as investors stayed on the sidelines awaiting US inflation data and the Federal Reserve's rate-hike decision

Gold prices witnessed a drop in Tuesday's early trade with ten grams of the yellow metal (24-carat) trading at Rs 54,330. Silver, on the other hand, rose by Rs 90 and was trading at Rs 69,000 per kg today.

Ten gram of 22-carat gold was trading at Rs 49,800 today, according to the GoodReturns website.

In Mumbai, Kolkata, and Hyderabad, Kerala and Pune, 10 grams of gold (24-carat and 22-carat) was selling at Rs 54,330, and Rs 49,800, respectively.

In Delhi, 24-carat and 22-carat gold was trading at Rs 54,490, and Rs 49,950, respectively. In Chennai, 10 grams of 24-carat and 22-carat gold was trading at Rs 55,040 and Rs 50,450, respectively.

Gold prices slipped on Monday as investors stayed on the sidelines awaiting US inflation data and the Federal Reserve's rate-hike decision later this week.

Spot gold was down 0.9 per cent at $1,780.19 per ounce by 15.29 pm ET (2029 GMT). US gold futures settled 1 per cent lower at $1,792.30.

Goldman Sachs expects gold, with its real demand drivers, to outperform the highly volatile bitcoin in the long term, the bank wrote in a Monday research note.

Additionally, seizures of smuggled gold in India reached a three-year high this year after the government raised the import duty on the precious metal and international flights resumed following Covid-19 curbs.

Meanwhile, spot silver dipped 0.7 per cent to $23.30 per ounce.

(With Reuters inputs)