Gold price falls Rs 660 to Rs 57,380, silver plunges Rs 2,000 to Rs 71,000
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The price of 24-carat gold declined Rs 660 during Wednesday's early trade, with ten grams of the precious metal selling at Rs 57,380, according to the GoodReturns website. The price of silver fell sharply by Rs 2,000 to Rs 71,000 per kilogram.
The price of 22-carat gold fell Rs 600 to Rs 52,600.
The price of ten grams of 24-carat gold in Mumbai is at par with the prices in Kolkata and Hyderabad at Rs 57,380.
The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 57,530, Rs 57,380, and Rs 57,710, respectively.
The price of ten grams of 22-carat gold in Mumbai is at par with that of gold in Kolkata and Hyderabad, at Rs 52,600.
The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 52,750, Rs 52,600, and Rs 52,900, respectively.
US gold prices were flat on Wednesday near seven-month lows hit in the previous session, as a surge in dollar and bond yields buoyed by strong jobs data meant that there was room for a further monetary policy tightening.
Spot gold was flat at $1,823.59 per ounce by 0117 GMT, while US gold futures eased 0.1 per cent to $1,839.20 per ounce.
Prices fell for a seventh consecutive session on Tuesday to touch their lowest levels since March, as the US dollar strengthened on data showing US job openings unexpectedly increased in August.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.2 per cent to 873.35 tonnes on Tuesday.
Spot silver was down 0.1 per cent to $21.14 per ounce, having slipped to its lowest since mid-March in the last session.
Platinum slid 0.8 per cent to $864.93 to touch its lowest in a year. Palladium dropped 1.2 per cent to $1,174.70 and hovered near 5-year lows hit on Tuesday.
One kg of silver is currently trading at 71,000 in Delhi and Mumbai.
One kg of silver in Chennai is currently trading at Rs 73,500.
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