Gold slips Rs 10, silver dips Rs 100; precious metal trading at Rs 64,080

The price of 24-carat gold dropped Rs 10 in early trade on Monday, with ten grams of the precious metal selling at Rs 64,080, according to the GoodReturns website. The price of silver declined by Rs 100, with one kilogram of the precious metal selling at Rs 73,500.

The price of 22-carat gold also slipped Rs 10 with the yellow metal selling at Rs 58,740.

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 64,080.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 64,230, Rs 64,080, and Rs 64,790, respectively.

In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 58,740.

In Delhi, Bengaluru, and Chennai, ten grams of 22-carat gold are selling at Rs 58,890, Rs 58,740, and Rs 58,390, respectively.

US gold prices lingered close to a two-month high today, after softer US economic readings last week cemented prospects of an interest rate cut in June by the Federal Reserve. 

Spot gold edged 0.1 per cent lower to $2,081.11 per ounce, as of 0400 GMT, but hovered near $2088.19, a level seen on Friday when the contract hit its highest since Dec. 28. U.S. gold futures fell 0.3 per cent to $2,090.00.

The US gold prices climbed about $50 last week, with absolutely all of the gains coming on the last two days on the back of poor US manufacturing and construction spending data and easing price pressures, as per to the Fed's preferred inflation gauge.

Spot platinum fell 0.7 per cent to $884.35 per ounce, and palladium rose 0.1 per cent to $956.53. Both metals have fallen more than 10 per cent so far this year. Spot silver fell 0.4 per cent to $23.06.

In Delhi and Mumbai, one kilogram of silver is currently trading at Rs 73,500. 

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