Gold price today at Rs 47,350 per 10 gm, silver trending at Rs 70,300 a kg

In New Delhi, the price of 22-carat gold was down to Rs 47,000 per 10 gm and in Chennai, it dropped to Rs 45,150.

The price of 22-carat gold on Friday slid to Rs 47,350 for 10 gm from Rs 47,410 and silver tanked to Rs 70,300 per kg, according to the Good Returns website.

Gold jewellery price varies across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making changes.

In New Delhi, the price of 22-carat gold was down to Rs 47,000 per 10 gm. In Chennai, it dropped to Rs 45,150. The rate in Mumbai was Rs 47,350, according to the website.

Prices for 24-carat gold witnessed a decline of Rs 60 per 10 gram to Rs 48,350 on Friday from Rs 48,410 in the previous trading session.

Silver fell by Rs 1000 per kilogram to Rs 70,300 per kilogram from Rs 71,300 in the previous trade following depreciation in Indian rupee.

Depreciating for the eighth consecutive session and recording its single-biggest fall in more than two months, the rupee plunged by as much as 76 paise against the US dollar on Thursday, to settle at 74.08 after the US Federal policy statement indicated an interest rate hike sooner than expected.

The prices of precious metals hovered at more than one-month low in the bullion market. Gold shed more than 2% on Thursday, precipitating a sell-off across precious metals with palladium set for its worst day in over a year, as the dollar gained ground after the US Federal Reserve struck a hawkish tone on monetary strategy.

Spot gold fell 2% to $1,776.10 per ounce by 1:44 pm EDT (1744 GMT), having earlier touched its lowest since May 3 at $1,766.29. US gold futures settled down 4.7% at $1,774.80.

The announcement propelled the dollar to an over two-month high, eroding bullion’s allure for those holding other currencies, and drove a jump in US Treasury yields, raising the opportunity cost of holding non-yielding gold.