Gold price dips Rs 380 to Rs 60,110; silver falls Rs 2,000 to 76,400

The price of 24-carat gold declined Rs 380 during Saturday's early trade, with ten grams of the precious metal selling at Rs 60,110 according to the GoodReturns website. Silver price fell Rs 2000 with 1 kg of the precious metal selling at Rs 76,400.

The price of 22-carat gold dipped Rs 350 and the yellow metal is selling at Rs 55,100.

The price of ten grams of 24-carat gold in Mumbai is at par with that in Kolkata and Hyderabad, at Rs 60,110.

The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 60,260, Rs 60,110, and Rs 60,550, 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 55,100.

The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 55,250, Rs 55,100, and Rs 55,500, respectively.

US gold rose on Friday after a sharp fall one day earlier, helped by a slight retreat in the dollar as signs of cooling inflation raised bets that the Federal Reserve will likely end its monetary tightening cycle.

Spot gold was up 0.75 per cent at $1,959.53 per ounce by 2:15 p.m. ET (1815 GMT). US gold futures settled 0.8 per cent higher at $1,960.40.

Gold slipped nearly 1.4 per cent on Thursday to register its worst day in nearly a month after data showed the US economy grew faster than expected in the second quarter and weekly jobless claims fell, boosting the dollar.

However, on Friday the dollar slipped 0.16 per cent against its rivals, making gold less expensive for other currency holders. 

Both the US central bank and the European Central Bank raised interest rates this week and kept the door open to further tightening.

Spot silver also gained 0.83 per cent to $24.33 per ounce, while platinum fell 0.23 per cent to $933.81 and palladium was near flat at $1,241.41.

One kg of Silver in Mumbai and Delhi is trading at Rs 76,400.

The price of 1 kg of silver in Chennai and Hyderabad is Rs 79,500.

(With inputs from Reuters)