Gold price falls Rs 110 to Rs 59,950, silver dips Rs 500 to Rs 73,500

The price of 22-carat gold also dipped Rs 100, with the yellow metal selling at Rs 54,950

The price of 24-carat gold declined Rs 110 during Thursday's early trade, with ten grams of the precious metal selling at Rs 59,950, according to the GoodReturns website. Silver price fell Rs 500, with 1 kg of the precious metal selling at Rs 73,500.

 

The price of 22-carat gold also dipped Rs 500, with the yellow metal selling at Rs 54,950.

 

The price of ten grams of 24-carat gold in Mumbai is at par with that in Kolkata and Hyderabad, at Rs 59,950.

 

The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 60,110, Rs 59,950, and Rs 60,330, 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 54,950.

 

The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 55,100, Rs 54,950, and Rs 55,300, respectively.

 

US gold prices bounced back on Wednesday from one-month lows as bond yields and the dollar weakened a day ahead of the release of consumer price data that could build the case for or against further interest rate hikes.

 

Spot gold was down 0.5 per cent at $1,915.98 per ounce by 1:57 p.m. ET (1757 GMT), the lowest since July 10. US gold futures settled 0.5 per cent lower at $1,950.60 per ounce.

 

Spot silver eased 0.4 per cent to $22.67 an ounce, and platinum slipped 1.1 per cent to $890.34, while palladium gained 1.2 per cent to $1,234.47.

 

"Gold has been this inflationary kind of hedge also, but it is fighting an uphill battle with a 10-year yield. Gold will likely struggle if inflation is still there and the Fed is looking to raise rates too fast," Pavilonis added.

 

US consumer price index (CPI) data, due on Thursday, is expected to show inflation slightly accelerated in July to an annual 3.3 per cent.

 

(With inputs from Reuters)