Gold falls Rs 50, silver jumps Rs 700; yellow metal trading at Rs 62,950

The price of 24-carat gold fell Rs 50 in early trade on Friday, with ten grams of the precious metal selling at Rs 62,950, according to the GoodReturns website. The price of silver, on the other hand, was up by Rs 700, with one kilogram of the precious metal selling at Rs 76,000.

The price of 22-carat gold witnessed a fall of Rs 50, with the yellow metal selling at Rs 57,700.

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 62,950.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 63,100, Rs 63,950, and Rs 63,600, respectively.

In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 57,700.

In Delhi, Bengaluru, and Chennai, ten grams of 22-carat gold are selling at Rs 57,850, Rs 57,700, and Rs 58,300, respectively.

US gold prices were set for their second consecutive weekly fall on Friday on the face of a resilient US economy that kept the dollar near multi-week highs, while the focus shifted to a key inflation print due later in the day. 

Spot gold was little changed at $2,021.28 per ounce by 0415 GMT. US gold futures rose 0.2% to $2,021.20. Both have lost 0.4% so far this week. 

The US economy continues to be resilient, capping gold strength, along with the fact that expectations for the first rate cut have been pushed further down the calendar this year, said Kelvin Wong, a senior market analyst for Asia Pacific at OANDA.

Markets are widely expecting US Fed to stand pat on rates at its policy meeting on January 30-31, but attention will largely be on comments from Chair Jerome Powell. Spot silver fell 0.2% to $22.87 per ounce, platinum was steady at $891.90, and palladium dropped 0.5% to $935.89.

In Delhi and Mumbai, one kilogram of silver is currently trading at Rs 76,000. 

In Chennai, one kilogram of silver is trading at Rs 77,500.