Gold price today at Rs 47,410 per 10 gm, silver trending at Rs 71,300 a kg

The price of 22-carat gold on Thursday slid to Rs 47,410 for 10 gm from Rs 47,600 and silver was trading at Rs 71,300 per kg, according to the Good Returns website.

Gold jewellery price varies across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making changes.

In New Delhi, the price of 22-carat gold was down to Rs 47,500 per 10 gm. In Chennai, it slid to Rs 45,750. The rate in Mumbai was Rs 47,410, according to the website.

Prices for 24-carat gold witnessed a decline of Rs 190 per 10 gram to Rs 48,410 on Thursday from Rs 48,600 in the previous trading session.

Silver dipped by Rs 200 per kilogram to Rs 71,300 per kilogram from Rs 71,500 in the previous trade.

The rupee depreciated for the seventh straight session, edging lower by one paisa against the US dollar on Wednesday, to settle at 73.32 (provisional) ahead of the US Federal Reserve meeting and muted domestic equities.

In the global market, gold prices slipped over 1% on Wednesday after US Federal Reserve officials brought forward projections for the first post-pandemic interest rate hikes into 2023.

Spot gold fell 1.1% to $1,839.06 per ounce by 2:42 pm EDT, having earlier hit its lowest level since May 14 at $1,833.65. US gold futures settled up 0.3% at $1,861.40.

Gold was further bruised by a jump in the dollar and yields after the announcement. Higher yields raise the opportunity cost of holding non-yielding bullion.