Gold price dips Rs 10 to Rs 72,860, silver falls Rs 100 to Rs 86,900

Don't want to miss the best from Business Standard?

Gold Price Today: The price of 24-carat gold dipped Rs 10 in early trade on Friday, with ten grams of the precious metal trading at Rs 72,860, according to the GoodReturns website. The price of silver fell Rs 100, with one kilogram of the precious metal selling at Rs 86,900.

The price of 22-carat gold fell Rs 10, with ten grams of the yellow metal selling at Rs 66,790.

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 72,860.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 72,960, Rs 72,860, and Rs 72,860, respectively.

In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 66,790.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 22-carat gold stood at Rs 66,940, Rs 66,790, and Rs 66,790, respectively.

The price of one kilogram of silver in Delhi is in line with the price of silver in Kolkata and Mumbai at 86,900. 

The price of one kilogram of silver in Chennai stood at Rs 91,900.

US gold prices inched higher on Friday, but were set for a weekly loss as investors looked forward to US Federal Reserve Chair Jerome Powell's speech at Jackson Hole, Wyoming, for more cues on the scale of a likely September rate cut.

Spot gold rose 0.2 per cent to $2,488.59 per ounce by 0036 GMT. Bullion, which hit an all-time high on Tuesday, has fallen nearly 1per cent so far this week.

US gold futures gained 0.29 per cent to $2,524.00.

Bullion fell more than 1 per cent on Thursday after the dollar index rebounded from a multi-month low and benchmark US 10-year yields rose. A stronger dollar and higher yields reduce gold's appeal by making it less attractive to holders of other currencies.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.13 per cent on Thursday.

Spot silver edged 0.4 per cent  higher to $29.10 per ounce, platinum gained 0.6 per cent to $949.70 and palladium fell 0.4 per cent to $929.14.

(With inputs from Reuters)