Gold, silver rates rise in early trade; yellow metal trading at Rs 51,110

Gold and silver prices edged higher in early trade with 10 gram of the yellow metal (24-carat) trading at Rs 51,110

Gold and silver prices edged higher in Tuesday's early trade with 10 gram of the yellow metal (24-carat) trading at Rs 51,110, after an increase of Rs 380. Silver is trading at Rs 57,400 per kg today after a rise of Rs 500.

Meanwhile, ten grams of 22-carat gold is trading at Rs 46,850.

In Mumbai and Kolkata, 24-carat gold is selling at Rs 51,110 per 10 gram, while 22-carat gold is trading at Rs 46,850, respectively. In Delhi, 24-carat and 22-carat gold are trading at Rs 51,280 and Rs 47,000 per 10 gm, respectively.

In Chennai, 24-carat and 22-carat gold is trading at Rs 51,330 and Rs 47,050, respectively.

Gold prices jumped more than 2 per cent on Monday boosted by a dip in the US dollar and bond yields, as recent lows enticed investors and also sparked a rally in silver in potentially its best day since late-2008.

Spot gold rose 2.3 per cent to $1,698.48 per ounce by 3.39 pm ET (1939 GMT), which could be its biggest daily rise since March 8. US gold futures settled 1.8 per cent higher at $1,702.

Even though gold is seen as a hedge against inflation, higher interest rates increase the opportunity cost of holding bullion and boost the dollar. 

Meanwhile, 1 kg of silver in Mumbai, Delhi, and Kolkata is trading at Rs 57,400. In Chennai, Bengaluru, and Hyderabad, one kg of silver is selling at Rs 62,500.

Silver surged 8.8 per cent to $20.67 per ounce, its highest since mid-August.