Gold and silver prices edged higher in early trade on Wednesday, with 10 grams of the yellow metal (24 carats) trading at Rs 51,660 after gaining Rs 550. Silver is trading at Rs 61,800 a kg today after rising Rs 4,400. Meanwhile, 10 grams of 22-karat gold was trading at Rs 47,350, up Rs 500.

In Mumbai and Kolkata, 24-karat gold was sold at Rs 51,660 per 10 grams, while 22-karat gold was sold at Rs 47,350. In Delhi, 24-karat and 22-karat gold are trading at Rs 51,820 and Rs 47,500 per 10 grams, respectively. In Chennai, 24-karat and 22-karat gold were traded at Rs 52,100 and Rs 47,750, respectively.

Gold prices retreated on Wednesday as the dollar steadied from losses in the previous session but remained above the critical $1,700 an ounce level as investors focused on greater clarity on the Federal Reserve’s future policy stance. Spot gold was down 0.2% at $1,722.69 an ounce by 0120 GMT, but not far from its highest since September at $1,729.39. 13 were added on Tuesday. US gold futures were flat at $1,731.70.

Gold supply banks have reduced shipments to India ahead of the major holiday, focusing instead on China, Turkey and other markets offering better premiums, three bank officials and two vault operators told Reuters. On Tuesday, holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose by 1.74 tonnes.

Meanwhile, in Mumbai, Delhi and Kolkata, 1kg of silver is trading at Rs 61,800. In Chennai, Bengaluru and Hyderabad, a kilogram of silver sells for Rs 66,700. Spot silver was down 0.8% at $20.95 an ounce.