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Gold prices fell by Rs 240 from last close during Tuesday's early trade with ten grams of 24-carat gold trading at Rs 59,450, according to the GoodReturns website. Silver prices declined Rs 300 with 1 kg of the precious metal selling at Rs 73,000.
The price of ten grams of 22-carat gold dropped by Rs 210 to Rs 54,500.
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 59,450.
The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 59,600, Rs 59,500, and Rs 60,110, respectively.
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 54,550.
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The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 54,650, Rs 54,550, and Rs 55,100, respectively.
US gold prices edged down on Wednesday as the dollar steadied, while fears abated about a bigger fallout from the global banking sector crisis after efforts by regulators to shore up investor confidence.
Spot gold was trading 0.2 per cent lower at $1,970.79 per ounce, as of 0050 GMT, after rising 1% on Tuesday. US gold futures eased 0.1 per cent to $1,972.30.
The dollar index was 0.1 per cent higher, making bullion more expensive for buyers holding other currencies.
Spot silver rose 0.3 per cent to $23.33 per ounce, while platinum was flat at $962.96 and palladium was also listless at $1,419.39.
(With inputs from Reuters)
