Gold price dips Rs 380 to Rs 63,870, silver falls Rs 1,200 to Rs 78,300

The price of 24-carat gold fell Rs 380 during early trade on Friday, with ten grams of the precious metal selling at Rs 63,870, according to the GoodReturns website. The price of silver fell Rs 1,200 with one kilogram of the precious metal selling at Rs 78,300.

The price of 22-carat gold declined Rs 350, with the yellow metal selling at Rs 58,550.

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 63,870.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 63,970, Rs 63,870, and Rs 64,470, respectively.

In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 58,550.

In Delhi, Bengaluru, and Chennai, ten grams of 22-carat gold are selling at Rs 58,700, Rs 58,550, and Rs 59,100, respectively. 

US gold prices traded around steady on Friday as they headed towards the end of their best year since 2020 at levels comfortably above $2,000 an ounce, buoyed by hopes the Federal Reserve could cut interest rates as early as March.

Spot gold steadied at $2,062.19 per ounce by 1:05 p.m. ET (1805 GMT). However, US gold futures eased 0.6 per cent, to $2,072.00.

Bullion has so far risen 13 per cent in a year that saw prices swing between lows near $1,800 and a record high of $2,135.40.

Spot silver fell 0.3 per cent, to $23.87 per ounce, looking set for a small yearly decline.

Platinum fell 1.2 per cent, to $990.25, while palladium dropped 2.6 per cent, to $1,103.59. Both autocatalytic metals were on track for a yearly decline, with palladium down around 38 per cent - its biggest drop since 2008.

In Delhi and Mumbai, one kilogram of silver is currently trading at Rs 78,300.

In Chennai, one kilogram of silver is trading at Rs 79,700.

(with inputs from Reuters)