Gold, silver rates rise today; yellow metal selling at Rs 51,000 per 10 gm

Gold and silver became dearer in Tuesday's early trade with 10 gram of yellow metal (24-carat) trading at Rs 51,000 after an increase of Rs 110. The rate of silver went up by Rs 720 per kg to trade at Rs 53,220.

Ten gram of 22-carat gold is trading at Rs 46,750 today after a hike of Rs 100.

In Mumbai and Kolkata, 24-carat gold is selling at Rs 51,000 per 10 gram, while 22-carat gold is trading at Rs 46,750 in the respective cities. In Delhi, 24-carat and 22-carat gold are trading at Rs 51,160 and Rs 46,900 per 10 gm, respectively.

In Chennai, 24-carat and 22-carat gold is trading at Rs 51,660 and Rs 47,360, respectively.

Spot gold rose 0.4 per cent to $1717.2 an ounce as hopes that the Federal Reserve might slow the pace of rate increases after mixed US jobs data helped offset pressure from a robust dollar.

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

One kg of silver was trading at Rs 53,220 in Delhi, Mumbai, and Kolkata. In Chennai, Bengaluru, Hyderabad, and Kerala, silver is selling at Rs 58,500 per kg.