Gold prices remain unchanged, silver rises by Rs 1,200

The price of gold remained unchanged in early trade on Wednesday, with ten grams of 24-karat yellow metal trading at Rs 54,480. Silver prices, on the other hand, rose by Rs 1,200, and the precious metal was selling at Rs 72,300 per kg.

Ten grams of 22-carat gold is selling at Rs 49,950, according to the GoodReturns website.

Citywide breakdown

In Mumbai, Kolkata, and Hyderabad, 10 grams of 24-carat and 22-carat gold is selling at Rs 54,480 and Rs 49,950, respectively.

In Delhi, 10 gram of 24-carat and 22-carat gold is trading at Rs 54,630 and Rs 50,100, respectively. In Chennai, 10 gram of 24-carat and 22-carat gold is selling at Rs 55,520 and Rs 50,900 respectively.

Gold prices eased on Wednesday pressured by an uptick in the US dollar, having risen 2% in the previous session following China's decision to further ease COVID-19 restrictions.

Spot gold was down 0.2% to $1,809.58 per ounce as of 0037 GMT. U.S. gold futures fell 0.3% to $1,818.50.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.6% to 918.51 tonnes on Tuesday.

The price of gold in Egypt has risen to unprecedented highs as nervous savers seek refuge from a weakening currency and some companies export bullion to raise scarce dollars to fund imports, according to industry experts.

In Delhi, Mumbai, and Kolkata, 1 kg of silver is currently trading at Rs 72,300, whereas, 1 kg of silver is selling at Rs 74,200 in Chennai.

Spot silver lost 0.4% to $23.95, platinum slipped 0.5% to $1,015.17 and palladium fell 0.5% to $1,821.28.