Gold prices dip Rs 220, silver falls Rs 100, trading at Rs 75,700 per kg

The price of 24-carat gold fell Rs 220 during early trade on Wednesday, with ten grams of the precious metal selling at Rs 61,910, according to the GoodReturns website. The price of silver also dropped Rs 100, with one kilogram of the precious metal selling at Rs 75,700.

The price of 22-carat gold was down by Rs 200, with the yellow metal selling at Rs 56,750.

In Mumbai, the price of ten grams of 24-carat gold is in line with prices in Kolkata and Hyderabad, at Rs 61,910.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 62,060, Rs 61,910, and Rs 62,400, respectively.

The price of ten grams of 22-carat gold in Mumbai is at par with that in Kolkata and Hyderabad, at Rs 56,750.

In Delhi, Bengaluru, and Chennai, ten grams of 22-carat gold are selling at Rs 56.900, Rs 56,750, and Rs 57,200, respectively. 

US gold prices were little changed in early Asian hours on Wednesday as investors strapped in for the US Federal Reserve's interest rate decision and policy outlook later in the day.

The Fed's rate-setting policy committee will release its policy statement and interest rate decision at 1900 GMT, followed by Chair Jerome Powell's press conference at 1930 GMT.

Spot gold was flat at $1,980.58 per ounce, as of 0059 GMT. US gold futures edged 0.1 per cent higher to $1,995.80.

Spot silver was flat at $22.74 per ounce, while platinum eased 0.3 per cent to $926.68 and palladium fell 0.2 per cent to $977.21.

In Delhi and Mumbai, one kilogram of silver is currently trading at Rs 75,700.

In Chennai, one kilogram of silver is trading at Rs 77,700.

(with inputs from Reuters)