Gold price falls Rs 10 to Rs 62,830, silver declines Rs 100 to Rs 75,400

The price of 24-carat gold declined Rs 10 in early trade on Wednesday, with ten grams of the precious metal selling at Rs 62,830, according to the GoodReturns website. The price of silver also fell Rs 100, with one kilogram of the precious metal selling at Rs 75,400.

The price of 22-carat gold also fell Rs 10 with the yellow metal selling at Rs 57,590.

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 62,830.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 62,980, Rs 62,830, and Rs 63,370, respectively.

In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 57,590.

In Delhi, Bengaluru, and Chennai, ten grams of 22-carat gold are selling at Rs 57,740, Rs 57,590, and Rs 58,090, respectively. 

US gold weakened to a two-month low today, trading below the key $2,000 per-ounce level, after a stronger-than-expected US inflation report dampened expectations for more than three quarter-point rate cuts from the Federal Reserve.

Spot gold was down 0.1 per cent at $1,991.09 per ounce (Oz), as of 0146 GMT, after hitting its lowest since December 13 on Tuesday. Bullion fell about 1.4 per cent yesterday in its biggest daily decline since December 4.

Spot platinum fell 0.1 per cent to $870.81/Oz, palladium dropped 0.5 per cent to $859.49, and silver slipped 0.2 per cent to $22.03.

In Delhi and Mumbai, one kilogram of silver is currently trading at Rs 75,400. 

In Chennai, one kilogram of silver is trading at Rs 76,900.

(With inputs from Reuters)