Gold price falls Rs 550 to Rs 61,850, silver dips Rs 300 to Rs 75,300

The price of 24-carat gold fell Rs 550 in early trade on Wednesday, with ten grams of the precious metal selling for Rs 61,850, according to the GoodReturns website. The price of silver dipped Rs 300, with one kilogram of the precious metal selling at Rs 75,300.

The price of 22-carat gold declined Rs 500, with the yellow metal selling at Rs 56,700.

In Mumbai, the price of ten grams of 24-carat gold is in line with prices in Kolkata and Hyderabad, at Rs 61,850.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold differs, standing at Rs 62,000, Rs 61,850, and Rs 62,350, respectively.

The price of ten grams of 22-carat gold in Mumbai is at par with that in Kolkata and Hyderabad, at Rs 56,700.

In Delhi, Bengaluru, and Chennai, 22-carat gold is selling at Rs 56,850, Rs 56,700, and Rs 57,150, respectively.

US gold prices started November lower on Wednesday as cautious investors awaited Federal Reserve's policy decision, after the Middle-East worries led to a strong safe-haven rally last month and pushed prices above $2,000.

Spot gold fell 0.2 per cent to $1,979.71 per ounce by 0125 GMT and US gold futures dropped 0.3 per cent to $1,988.70.

Spot gold posted a 7.3 per cent jump in October after prices accelerated over the $2,000 threshold last week from their lowest in seven months at $1,809.50 on Oct. 6, a day before Hamas' attack on Israel.

Gold prices near record highs could dampen demand in India during the peak festival season and lead to the lowest purchase volumes in three years, the World Gold Council (WGC) said on Tuesday.

Spot silver dropped 0.8 per cent to $22.71 per ounce, platinum slipped 0.5 per cent to $929.46 and palladium rose 0.6 per cent to $1,122.09.

In Delhi and Mumbai, one kilogram of silver is currently trading at Rs 75,300.

In Chennai, one kilogram of silver is trading at Rs 78,200.

(With inputs from Reuters)