Gold price falls Rs 330 to Rs 59,670; silver declines Rs 500 to Rs 74,000

Gold price fell Rs 330 from yesterday's close during Tuesday's early trade with ten grams of 24-carat gold trading at Rs 59,670, according to the GoodReturns website. Silver prices, on the other hand, declined Rs 500, with 1 kg of the precious metal selling at Rs 74,000.

The price of ten grams of 22-carat gold fell Rs 300 to Rs 54,700.

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 59,670.

The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 59,820, Rs 59,720, and Rs 60,380, 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 54,700.

The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 54,850, Rs 54,750, and Rs 55,350, respectively.

US gold prices edged lower on Tuesday as a steady dollar made bullion more expensive for overseas buyers, while softer US economic data heightened expectations of less-aggressive moves by the Federal Reserve.

Spot gold was down 0.1 per cent at $1,962.36 per ounce, as of 0103 GMT. US gold futures were flat at $1,999.50.

The dollar index was 0.1 per cent higher. 

Gold prices had dropped on Monday after a surprise cut in OPEC+ crude production was announced during the weekend. But prices reversed course to rally 1 per cent as the dollar stumbled following the release of softer US economic data.

While gold is traditionally considered a hedge against inflation, higher interest rates to rein in rising price pressures dim the appeal for non-yielding bullion.

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

The price of 1 kg of silver in Bengaluru, Chennai, and Hyderabad is Rs 77,100.

(with inputs from Reuters)