Gold, silver see huge decline; yellow metal down by Rs 1,050 in early trade

Gold witnessed a fall of Rs 1,050 in its price at on Wednesday and 10 gram of the precious metal (24-carat) is trading at Rs 51,710. Meanwhile, 10 gram of 22-carat gold is trading at Rs 47,400 after a fall of Rs 960.

Silver also witnessed a steep decline in its price at Rs 1,700, selling at Rs 59,800 per kg.

The price of 10 gram of 24-carat gold in Delhi, Mumbai, Kolkata, Bangalore, Hyderabad, Kerala, and Pune is Rs 51,710 for the day. Meanwhile, the price of 10 gram of 22 -carat gold in Delhi, Mumbai, Kolkata, Bangalore, Hyderabad, and Kerala is Rs 47,400.

In Chennai, 10 gram of 24-carat and 22-carat gold is trading at Rs 51,880 and Rs 47,550 respectively, on Wednesday. 

On the other hand, silver is trading at Rs 59,800 per kg in Delhi, Mumbai, Kolkata, and Pune. In Chennai, Bangalore, and Hyderabad, silver is trading at Rs 66,000 per kg.

Meanwhile, in US, gold prices were lifted from its one-month low as spot gold was up 0.5% at $1,817.12 per ounce as of 0229 GMT, after dropping to its lowest since May 16 at $1,803.90 on Tuesday. U.S. gold futures rose 0.3% to $1,818.50.

Asian markets were in a pensive mood as shell-shocked investors waited to see just how aggressive the Fed would be on rates. 

Spot silver gained 0.7% to $21.22 per ounce. 

(With inputs from Reuters)