Gold price dips Rs 110 to Rs 63,330, silver falls Rs 300 to Rs 76,500

The price of 24-carat gold dipped Rs 110 in early trade on Wednesday, with ten grams of the precious metal selling at Rs 63,330, according to the GoodReturns website. The price of silver fell Rs 300, with one kilogram of the precious metal selling at Rs 76,500.

The price of 22-carat gold slipped Rs 100, with the yellow metal selling at Rs 58,050.

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 63,330.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 63,480, Rs 63,330, and Rs 63,820, respectively.

In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 58,050.

In Delhi, Bengaluru, and Chennai, ten grams of 22-carat gold are selling at Rs 58,200, Rs 58,050, and Rs 58,500, respectively. 

In US, however, gold prices remained flat today after a sharp drop in prices in the previous session, as a US Federal Reserve official's hawkish comments dampened expectations for a March interest rate cut, while traders awaited comments from more Fed speakers this week.

Spot gold was unchanged at $2,027.62 per ounce, as of 0236 GMT, after stooping 1.3 per cent lower in the previous session- its biggest single day decline since 4 December 2023.

Fed Governor Christopher Waller yesterday said that while inflation was approaching the central bank's 2 per cent goal, the Fed should not rush to lower interest rates until lower inflation can clearly be sustained. Waller's comments triggered a broad sell-off, pulling all three major US stock indexes lower, and sent the dollar to a more than one-month high as benchmark US Treasury yields logged their biggest daily move upwards in more than three months on 16 Junaury.

Other precious metals fell by 0.1 per cent each, with Spot silver at $22.89 per ounce, platinum at $894.29, and palladium at $937.52.
 

In Delhi and Mumbai, one kilogram of silver is currently trading at Rs 76,500.

In Chennai, one kilogram of silver is trading at Rs 78,000.

(With inputs from Reuters)