Gold price falls Rs 1,090 to Rs 63,110, silver down Rs 2,000 at Rs 78,500
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The price of 24-carat gold fell Rs 1,090 during early trade on Wednesday, with ten grams of the precious metal selling at Rs 63,110, according to the GoodReturns website. The price of silver crashed Rs 2,000, with one kilogram of the precious metal selling at Rs 78,500.
The price of 22-carat gold declined Rs 1,000, with the yellow metal selling at Rs 57,850.
In Mumbai, the price of ten grams of 24-carat gold is in line with prices in Kolkata and Hyderabad, at Rs 63,110.
In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 63,260, Rs 63,110, and Rs 63,820, respectively.
The price of ten grams of 22-carat gold in Mumbai is at par with that in Kolkata and Hyderabad, at Rs 57,850.
In Delhi, Bengaluru, and Chennai, ten grams of 22-carat gold are selling at Rs 58,000, Rs 57,850, and Rs 58,500, respectively.
US gold prices steadied on Wednesday, as the dollar levelled with bets for an interest rate cut by the Federal Reserve in the first half of 2024, ahead of key US jobs data this week that could offer more clarity on the central bank's rate path.
Spot gold edged up 0.1 per cent at $2,020.39 per ounce by 0204 GMT, trading in a tight range of about $5.
US gold futures for February delivery also rose 0.1 per cent to $2,038.70.
Bullion had climbed to a record high of $2,135.40 on Monday on elevated bets for a rate cut following Fed Chair Jerome Powell's comments last week, before dropping more than $100 in a single day, as uncertainty over the timing of the monetary policy easing loomed.
Spot silver rose 0.3 per cent to $24.21 per ounce, while platinum gained 0.2 per cent to $900.57. Palladium rose 0.7 per cent to $940.93 per ounce, hovering near a more than five year low.
In Delhi and Mumbai, one kilogram of silver is currently trading at Rs 78,500.
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