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Gold prices declined Rs 870 from yesterday's close during Thursday's early trade with ten grams of 24-carat gold trading at Rs 59,130, according to the GoodReturns website. Silver prices also fell Rs 500 with 1 kg of the precious metal selling at Rs 71,600.
The price of ten grams of 22-carat gold fell by Rs 800 to Rs 54,200.
The price of ten grams of 22-carat gold in Mumbai is at par with the price of gold in Kolkata and Hyderabad, at Rs 54,200.
The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 54,350, Rs 54,250, and Rs 54,700, respectively.
The price of ten grams of 24-carat gold in Mumbai is at par with the price of gold in Kolkata and Hyderabad, at Rs 59,130.
The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 59,280, Rs 59,180, and Rs 59,670, respectively.
US Gold prices edged higher on Thursday after the Federal Reserve raised interest rates by an expected 25 basis points and signalled it was on the verge of pausing future hikes in view of recent turmoil in the financial sector.
Spot gold was up 0.2 per cent at $1,972.72 per ounce, as of 0101 GMT. US gold futures gained 1.3 per cent to $1,974.60.
Gold prices jumped 2 per cent on Wednesday after the Fed raised interest rates, but indicated it might pause further increases in borrowing costs after the recent collapse of two US banks.
Fed policymakers believe beating back inflation may require just one more interest-rate hike this year, but less easing next year than most thought would be appropriate just three months ago.
Gold is traditionally considered a hedge against inflation, and a low interest-rate environment makes non-yielding bullion a more attractive bet.
The price of 1 kg of silver in Delhi, Mumbai, and Kolkata is Rs 71,600.
The price of 1 kg of silver in Bengaluru, Chennai, and Hyderabad is Rs 74,000.
(With inputs from Reuters)
