Gold price falls ₹10 to ₹1,49,500; silver down ₹100, trading at ₹2,59,900

Gold Price Today: The price of 24-carat gold fell ₹10 in early trade on Thursday, with ten grams of the precious metal trading at ₹1,49,500, according to the GoodReturns website. The price of silver also declined by ₹100, with one kilogram of the precious metal selling at ₹2,59,900. 

 

The price of 22-carat gold decreased by ₹10, with ten grams of the yellow metal selling at ₹1,37,040. 

 

The price of ten grams of 24-carat gold stood at ₹1,49,500 in Mumbai, Kolkata, Hyderabad and ₹1,52,170 in Chennai.

 

In Delhi, the price of ten grams of 24-carat gold stood at ₹1,49,650.

  

 

In Mumbai, the price of ten grams of 22-carat gold was ₹1,37,040, the same as in Kolkata, Bengaluru, Hyderabad, and ₹1,39,490 in Chennai.

                   

In Delhi, the price of ten grams of 22-carat gold stood at ₹1,37,190. 

  

The price of one kilogram of silver in Delhi, Kolkata, and Mumbai stood at ₹2,59,900. 

 

The price of one kilogram of silver in Chennai stood at ₹2,69,900. 

 

US gold prices fell on Friday and were on track for a third consecutive weekly decline, as a stronger dollar and hawkish signals from the U.S. Federal Reserve weighed on the non-yielding metal.

 

Spot gold was down 0.6% at $4,184.33 per ounce, as of 0211 GMT. The contract was down 0.9% so far this week.

 

U.S. gold futures for August delivery fell 1% to $4,202.10.

 

Gold tends to lose appeal when rates are high, as it does not yield interest.

 

Goldman Sachs expects gold prices to rise to $4,900 per ounce by December, lower than its earlier forecast of $5,400, as the bank doesn't expect a Fed rate cut this year anymore.

 

On the geopolitical front, oil tankers sailed through the Strait of Hormuz and the U.S. said it lifted its blockade on Iran on Thursday.

 

Spot silver fell 1.5% to $64.83 per ounce, platinum lost 1.3% to $1,674.47, and palladium was down 0.8% at $1,268.65.

 

(with inputs from Reuters)