Gold price dips Rs 400 to Rs 60,050, silver falls Rs 100 to Rs 74,000

Gold price fell Rs 400 in Thursday's early trade with 10 grams of the yellow metal (24-carat) trading at Rs 60,050, according to the GoodReturns website. Silver price dipped Rs 100, with 1 kg of the precious metal selling at Rs 74,000.

The price of ten grams of 22-carat gold declined Rs 350 to Rs 55,050.

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 60,050.

The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 60,200, Rs 60,100, and Rs 60,550, 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 55,050.

The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 55,200, Rs 55,100, and Rs 55,500, respectively.

Gold prices fell to a three-month low on Thursday as hints of further interest rate hikes by the US Federal Reserve bolstered the dollar.

Spot gold fell 0.5 per cent to $1,933.89 per ounce by 0235 GMT, hitting its lowest since March 17. US gold futures dropped 1.2 per cent to $1,945.70.

The Fed, in new economic projections, signalled that a stronger-than-expected economy and a slower decline in inflation will result in a likely rise in borrowing costs by another half-a-percentage point by the end of this year.

The price of 1 kg of silver in Chennai, and Hyderabad is Rs 78,500.

The price of 1 kg of silver in Delhi and Mumbai is Rs 74,000.

Spot silver fell 2.1 per cent to $23.4285 per ounce, platinum dropped 0.8 per cent to $967.61 while palladium lost 1.1 per cent to $1,370.71.

(With inputs from Reuters)