Gold price falls Rs 330 to Rs 60,870, silver dips Rs 200 to Rs 74,300

Gold price fell Rs 330 in Saturday's early trade with 10 grams of the yellow metal (24-carat) trading at Rs 60,870, according to the GoodReturns website. The price of silver, on the other hand, declined Rs 200 to Rs 74,300 per kilogramme.

The price of ten grams of 22-carat gold fell Rs 300 to Rs 55,800.

The price of ten grams of 24-carat gold in Mumbai is at par with the price of gold in Kolkata and Hyderabad, at Rs 60,870.

The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 61,010, Rs 60,920, and Rs 61,360, respectively.

The price of ten grams of 22-carat gold in Mumbai is at par with the price of gold in Kolkata and Hyderabad, at Rs 55,800.

The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 55,950, Rs 55,850, and Rs 56,250, respectively.

US gold rallied 1 per cent on Friday, recouping some losses from earlier this week, on renewed worries about the stability of the banking sector, while traders slashed bets for another interest rate hike following remarks from the Federal Reserve chairman.
Spot gold gained 1.2 per cent to $1,981.79 per ounce by 12:30 p.m. ET (1830 GMT). US gold futures settled 1.1 per cent higher at $1,981.60.

"Gold is up more on Yellen than a cautious Powell which still suggests that June will be a 'skip' meeting unless data over the next few weeks is especially troublesome," Tai Wong, a New York-based independent metals trader, said.

Gold was on course for its worst week since February, down about 1.5 per cent so far, after a series of robust economic data.

"This is the week that gold really got crushed because there's been a steady flow of that debt ceiling optimism and, in addition to that, some hawkish pushback from the Fed," said Edward Moya, senior market analyst at OANDA.