 "Gold price slips Rs 10 to Rs 74,120, silver falls Rs 100 to Rs 86,400")
The price of 24-carat gold slipped Rs 10 in early trade on Thursday, with ten grams of the precious metal trading at Rs 74,120, according to the GoodReturns website. The price of silver declined Rs 100, with one kilogram of the precious metal selling at Rs 86,400.
The price of 22-carat gold also dipped Rs 10, with the yellow metal selling at Rs 67,940.
The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 74,120.
In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 74,270, Rs 74,120, and Rs 74,940, respectively.
In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 67,940.
In Delhi, Bengaluru, and Chennai, the price of ten grams of 22-carat gold stood at Rs 68,090, Rs 67,940, and Rs 68,690, respectively.
Also Read
The price of one kilogram of silver in Delhi, Mumbai, and Kolkata stood at Rs 86,400.
The price of one kilogram of silver in Chennai stood at Rs 89,900.
US gold prices increased on Thursday as concerns about the Middle East war extending to other regions boosted demand for the safe-haven metal.
Spot gold was up 0.4 per cent at $2,369.93 per ounce, as of 0107 GMT. U.S. gold futures dipped 0.1 per cent to $2,385.10 per ounce.
US gold prices increased on Thursday as concerns about the Middle East war extending to other regions boosted demand for the safe-haven metal.
Spot gold was up 0.4 per cent at $2,369.93 per ounce, as of 0107 GMT. U.S. gold futures dipped 0.1 per cent to $2,385.10 per ounce.
Cleveland Federal Reserve Bank President Loretta Mester said she expects price pressures to ease further in 2024, allowing the Fed to reduce borrowing costs, but only when it is "pretty confident" inflation is heading sustainably to its 2 per cent goal. Lower interest rates boost the appeal of holding non-yielding bullion.
The global silver deficit is expected to rise by 17 per cent to 215.3 million troy ounces in 2024 due to a 2 per cent growth in demand, led by a robust industrial consumption and a 1 per cent fall in total supply, said the Silver Institute Industry Association.
Spot silver rose 0.2 per cent to $28.28 per ounce, platinum edged 0.3 per cent higher to $940.55 and palladium was listless at $1,026.25.
The global silver deficit is expected to rise by 17 per cent to 215.3 million troy ounces in 2024 due to a 2 per cent growth in demand, led by a robust industrial consumption and a 1 per cent fall in total supply, said the Silver Institute Industry Association.
Spot silver rose 0.2 per cent to $28.28 per ounce, platinum edged 0.3 per cent higher to $940.55 and palladium was listless at $1,026.25.
(With inputs from Reuters)