Gold price dips Rs 110, silver falls Rs 700, trading at Rs 75,000 per kg

The price of 22-carat gold fell Rs 100, with the yellow metal selling at Rs 56,650

The price of 24-carat gold fell Rs 110 during early trade on Thursday, with ten grams of the precious metal selling at Rs 61,800, according to the GoodReturns website. The price of silver also dropped Rs 700, with one kilogram of the precious metal selling at Rs 75,000.

The price of 22-carat gold was down by Rs 100, with the yellow metal selling at Rs 56,650.
 

In Mumbai, the price of ten grams of 24-carat gold is in line with prices in Kolkata and Hyderabad, at Rs 61,800.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 61,950, Rs 61,800, and Rs 62,180, respectively.

The price of ten grams of 22-carat gold in Mumbai is at par with that in Kolkata and Hyderabad, at Rs 56,650.

In Delhi, Bengaluru, and Chennai, ten grams of 22-carat gold are selling at Rs 56,800, Rs 56,650, and Rs 57,000, respectively. 

US gold prices extended gains to a one-week high on Thursday after the Federal Reserve flagged an end to its tightening cycle and signalled lower borrowing costs in 2024, sending the dollar and bond yields lower

Fed Chair Jerome Powell said the central bank was likely done raising interest rates, but kept open the option to act again if needed

Spot gold was up 0.5% at $2,036.99 per ounce, as of 0045 GMT, after rising 2.4% on Wednesday. US gold futures jumped 2.7% to $2,051.10.

Spot silver rose 0.8% to $23.94 per ounce, while platinum gained 0.3% to $937.35 and palladium climbed 0.9% to $1,000.01.

In Delhi and Mumbai, one kilogram of silver is currently trading at Rs 75,000.

In Chennai, one kilogram of silver is trading at Rs 77,000.

(with inputs from Reuters)