Gold, silver rates fall in early trade; yellow metal trading at Rs 53,780

Silver prices fall by Rs 500 per kg, trading at Rs 66,000 today

Gold and silver became cheaper in Wednesday's early trade with 10 grams of the yellow metal (24-carat) selling at Rs 53,780, after a decline of Rs 330. Meanwhile, silver prices fell by Rs 500 per kg to Rs 66,000 per kg today.

Ten grams of 22-carat gold is trading at Rs 49,300 after a drop of Rs 300 from yesterday's close, 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 53,780, and Rs 49,300, respectively.

In Delhi, 24-carat and 22-carat gold was trading at Rs 53,930, and Rs 49,450, respectively. In Chennai, 10 grams of 24-carat and 22-carat gold was trading at Rs 54,650 and Rs 50,100.

Gold prices struggled for momentum in early Asian trade on Wednesday as investors looked to next week's US Federal Reserve policy meeting for clues on the pace of rate hikes.

Spot gold was little changed at $1,770.46 per ounce, as of 0008 GMT. US gold futures were flat at $1,783.10. Fed fund futures are now pricing in a 91% chance of 50-basis point (bps) rate increase in the December meeting.

The price of 1 kg of silver in Delhi, and Mumbai was Rs 66,000. In Chennai, Bengaluru, and Hyderabad, the metal was trading at Rs 70,800 per kg.

Spot silver inched 0.1% lower to $22.13, platinum was flat at $988.42 and palladium was unchanged at $1,848.48.