Gold, silver prices rise in early trade; yellow metal selling at Rs 57,490

Gold prices rose Rs 380 on Wednesday, with 10 grams of the yellow metal (24-carat) trading at Rs 57,490. Silver prices rose Rs 200 from yesterday's close to Rs 72,500 per kg.

The price of 22-carat gold rose Rs 350 from yesterday's close to Rs 52,700 per 10 grams, according to the GoodReturns website.

In Mumbai, Kolkata, and Hyderabad, 10 grams of 24-carat and 22-carat gold was selling at Rs 57,490 and Rs 52,700, respectively.

In Delhi, 10 grams of 24-carat and 22-carat gold was trading at Rs 57,650 and Rs 52,850, respectively. In Chennai, 10 grams of 24-carat and 22-carat gold was selling at Rs 58,420 and Rs 53,550, respectively.

US gold prices pulled back from a nine-month high on Tuesday due to a slight uptick in the dollar and US bond yields, although hopes of slower interest rate hikes from the Federal Reserve underpinned the market.

Spot gold rose 0.2 per cent to $1,934.82 per ounce by 1:40 pm ET (1840 GMT), hitting its highest since late April 2022 earlier in the session.

US gold futures settled up 0.4 per cent at $1,935.4.

In Delhi, Mumbai and Kolkata, 1 kg of silver was trading at Rs 72,500, while in Chennai and Hyderabad, it was selling at Rs 74,000.

Spot silver gained 0.8 per cent to $23.63 per ounce.