Gold drops by Rs 160, silver prices down by Rs 500, trades at Rs 73,600/kg

The price of 24-carat gold declined Rs 160 in early trade on Wednesday, with ten grams of the precious metal selling for Rs 59,950, according to the GoodReturns website. The price of silver also declined by Rs 500, with one kilogram of the precious metal selling at Rs 73,600.

The price of 22-carat gold fell Rs 150, with the yellow metal selling at Rs 54,950.

In Mumbai, the price of ten grams of 24-carat gold is in line with prices in Kolkata and Hyderabad, at Rs 59,950.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold differs, standing at Rs 60,100, Rs 59,950, and Rs 60,160, respectively.

 

The price of ten grams of 22-carat gold in Mumbai is at par with that in Kolkata and Hyderabad, at Rs 54,950.

In Delhi, Bengaluru, and Chennai, ten grams of 22-carat gold are selling at Rs 55,100, Rs 54,950, and Rs 55,150, respectively.

US gold prices rose on Wednesday after a deadly blast in Gaza fuelled fears of an escalating regional conflict, keeping the safe-haven asset in demand among nervous investors despite robust US economic data and a high-rate scenario.

Spot gold climbed 0.4 per cent to $1,929.89 per ounce by 0123 GMT, and US gold futures also jumped 0.4 per cent  to $1,942.70.

Spot silver added 0.5 per cent to $22.93, platinum rose 0.2 per cent to $898.77 and palladium slipped 0.8 per cent to $1,134.93

In Delhi and Mumbai, one kilogram of silver is currently trading at Rs 73,600.

In Chennai, one kilogram of silver is trading at Rs 77,000.

(With inputs from Reuters)