Gold price unchanged at Rs 63,870, silver price unchanged at Rs 78,600

The price of 24-carat gold remained unchanged in during early trade on Tuesday, with ten grams of the precious metal selling at Rs 63,870, according to the GoodReturns website. The price of silver also remained unchanged with one kilogram of the precious metal selling at Rs 78,600.

The price of 22-carat gold remained flat, with the yellow metal selling at Rs 58,550.

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 63,870.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 63,970, Rs 63,870, and Rs 64,470, respectively.

In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 58,550.

In Delhi, Bengaluru, and Chennai, ten grams of 22-carat gold are selling at Rs 58,700, Rs 58,550, and Rs 59,100, respectively. 

US gold prices edged higher on Tuesday, supported by the prospect of interest rate cuts in 2024 from the Federal Reserve, while investors look forward to a slew of economic data this week for more clarity on the US rate outlook.

Spot gold was up 0.3 per cent at $2,068.29 per ounce, as of 0129 GMT. Bullion prices gained 13 per cent in 2023 to post their first annual gain since 2020.

US gold futures also climbed 0.3 per cent to $2,077.40 per ounce.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.16 per cent to 879.11 tonnes on Friday from 880.55 tonnes on Thursday.

Physical gold demand in India remained sluggish last week as the rally in local prices to near record highs discouraged buyers during the year-end holidays.

Spot silver gained 0.5 per cent to $23.88 per ounce, while platinum was steady at $987.61. Palladium slipped 0.9 per cent to $1,088.82.

In Delhi and Mumbai, one kilogram of silver is currently trading at Rs 78,600.

In Chennai, one kilogram of silver is trading at Rs 80,000.

(with inputs from Reuters)