Gold price dips Rs 220 to Rs 59,730, silver falls Rs 1,000 to Rs 74,800

The price of 24-carat gold dipped Rs 220 during Wednesday's early trade, with ten grams of the precious metal selling at Rs 59,730, according to the GoodReturns website. The price of silver fell sharply by Rs 1,000 to Rs 74,800. per kilogramme  

The price of 22-carat gold fell Rs 200 to Rs 54,750.

The price of ten grams of 24-carat gold in Mumbai is at par with the prices in Kolkata and Hyderabad at Rs 59,730.   

The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 59,880, Rs 59,730, and Rs 60,050, respectively.

The price of ten grams of 22-carat gold in Mumbai is at par with that of gold in Kolkata and Hyderabad, at Rs 54,750.   

The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 54,900, Rs 54,750, and Rs 55,050, respectively.

US gold prices were pressured on Wednesday and traded near their weakest levels in a month touched in the previous session as the US dollar firmed on the back of a higher-for-longer interest rate scenario.

Spot gold was flat at $1,900.49 per ounce by 0119 GMT, hovering near its lowest since Aug. 23 touched on Tuesday.

US gold futures eased 0.1 per cent to $1,918.20.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.4 per cent on Tuesday.

China's gold imports via Hong Kong rebounded in August from the previous month, data showed on Tuesday, with the issuance of fresh quotas to local banks likely to boost shipments into the world's top gold consumer.

Spot silver dropped 0.6 per cent to $22.72 per ounce, platinum shed 0.2 per cent to $901.95 and palladium gained 0.2 per cent to $1,226.32.

One kg of silver is currently trading at 74,800 in Delhi and Mumbai.

One kg of silver in Chennai is currently trading at Rs 77,600.

(With inputs from Reuters)