Gold price dips Rs 10 to Rs 78,550, silver falls Rs 100 to Rs 92,900

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 78,550 according to the GoodReturns website. The price of silver fell Rs 100, with one kilogram of the precious metal selling at Rs 92,900.

 

The price of 22-carat gold also fell Rs 10, with ten grams of the yellow metal selling at Rs 71,990.

 

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad at Rs 78,550.

 

In Delhi, the price of ten grams of 24-carat gold stood at Rs 78,700 while Rs 78,550 in Bengaluru and Chennai.

 

In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 71,990.

 

In Delhi, the price of ten grams of 22-carat gold stood at Rs 72,140 and in Bengaluru, and Chennai, ten grams of 22-carat gold was trading at Rs 71,990.

 

The price of one kilogram of silver in Delhi is in line with prices in Mumbai, and Kolkata at Rs 92,900. 

 

The price of one kilogram of silver in Chennai stood at Rs 1,01,900.

 

US gold prices inched higher on Friday, extending gains spurred by the Federal Reserve's widely anticipated quarter-point rate cut amid a cooling labour market and solid economic growth.

 

Spot gold rose 0.1 per cent to $2,708.89 per ounce, as of 0024 GMT, but was down nearly 1% for the week so far.

 

US gold futures gained 0.4 per cent to $2,716.4.

 

At the end of its two-day policy meeting on Thursday, the US central bank lowered the benchmark overnight interest rate to the 4.50-4.75 per cent range, with policymakers taking note of a job market that has "generally eased".

 

Gold prices climbed more than 1per cent in the previous session, recovering losses suffered after Donald Trump won the US presidential race.

 

Bullion is considered a hedge against economic uncertainties and tends to thrive in a low-interest-rate environment.

 

Spot silver fell 0.1 per cent to $31.98 per ounce, platinum gained 0.3 per cent to $1,000.35 and palladium was flat at $1,024.40.

 

(With inputs from Reuters)