Gold price declines Rs 430 to Rs 59,020, silver falls Rs 400 to Rs 71,100

Gold price fell Rs 430 in Saturday's early trade with 10 grams of the yellow metal (24-carat) trading at Rs 59,020, according to the GoodReturns website. Silver price was down Rs 400, with 1 kg of the precious metal selling at Rs 71,100.

The price of 22-carat gold declined Rs 400 with the precious metal trading at Rs 54,100.

The price of ten grams of 24-carat gold in Mumbai is at par with the price of gold in Kolkata and Hyderabad, at Rs 59,020.

The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 59,170, Rs 59,070, and Rs 59,400, respectively.

The price of ten grams of 22-carat gold in Mumbai is at par with the price of gold in Kolkata and Hyderabad, at Rs 54,100.

The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 54,250, Rs 54,150, and Rs 54,450, respectively.

US gold prices on Friday were heading for their biggest weekly percentage fall in over four months, weighed by a stronger dollar and hawkish comments by Federal Reserve officials.

Spot gold rose 0.3 per cent to $1,919.99 per ounce as of 2:19 p.m. EDT (1819 GMT), after adding as much as 1.2 per cent on a retreat in US bond yields. 

US gold futures settled 0.3 per cent higher at $1,929.6.

Spot silver rose 0.5 per cent to $22.34 per ounce, but was set for its biggest weekly drop since October 2022. Platinum was down 0.6 per cent at $917.34, on course for its worst week since August 2022.

Palladium steadied at $1,283.18 after hitting its lowest since May 2019 on Thursday.

Palladium could extend this year's near-30 per cent price decline as demand is threatened by the rapid development and use of electric vehicles.

The price of 1 kg of silver in Chennai and Hyderabad is Rs 74,000.

The price of 1 kg of silver in Delhi and Mumbai is Rs 71,100.

(With inputs from Reuters)