Gold price dips Rs 400 to Rs 60,050, silver falls Rs 100 to Rs 74,000
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Gold price fell Rs 400 in Thursday's early trade with 10 grams of the yellow metal (24-carat) trading at Rs 60,050, according to the GoodReturns website. Silver price dipped Rs 100, with 1 kg of the precious metal selling at Rs 74,000.
The price of ten grams of 22-carat gold declined Rs 350 to Rs 55,050.
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 60,050.
The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 60,200, Rs 60,100, and Rs 60,550, 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 55,050.
The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 55,200, Rs 55,100, and Rs 55,500, respectively.
Gold prices fell to a three-month low on Thursday as hints of further interest rate hikes by the US Federal Reserve bolstered the dollar.
Spot gold fell 0.5 per cent to $1,933.89 per ounce by 0235 GMT, hitting its lowest since March 17. US gold futures dropped 1.2 per cent to $1,945.70.
The Fed, in new economic projections, signalled that a stronger-than-expected economy and a slower decline in inflation will result in a likely rise in borrowing costs by another half-a-percentage point by the end of this year.
The price of 1 kg of silver in Chennai, and Hyderabad is Rs 78,500.
The price of 1 kg of silver in Delhi and Mumbai is Rs 74,000.
Spot silver fell 2.1 per cent to $23.4285 per ounce, platinum dropped 0.8 per cent to $967.61 while palladium lost 1.1 per cent to $1,370.71.
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