Gold price dips Rs 10 to Rs 72,760, silver falls Rs 100 to Rs 85,900

Gold Price Today: The price of 24-carat gold dipped Rs 10 in early trade on Wednesday, with ten grams of the precious metal trading at Rs 72,760 according to the GoodReturns website. The price of silver declined Rs 100, with one kilogram of the precious metal selling at Rs 85,900.

The price of 22-carat gold fell Rs 10, with ten grams of the yellow metal selling at Rs 66,690.

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 72,760.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 72,910, Rs 72,760, and Rs 72,760, respectively.

 

In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 66,690.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 22-carat gold stood at Rs 66,840, Rs 66,690, and Rs 66,690, respectively.

The price of one kilogram of silver in Delhi is in line with the price of silver in Kolkata and Mumbai at 85,900. 

The price of one kilogram of silver in Chennai stood at Rs 90,800.

US Gold prices held steady on Wednesday as investors braced for a monthly US payrolls report that could influence the size of a likely interest rate cut this month.

Spot gold held its ground at $2,493.62 per ounce, as of 0025 GMT. US gold futures edged 0.1 per cent higher to $2,524.90.

Traders see a 38 per cent chance of a 50-basis-point (bp) cut by the US Federal Reserve on Sept 18 and a 62 per cent chance of a 25 bp cut, according to the CME Group's FedWatch Tool.

Bullion is heading for its best year since 2020, driven by investor optimism about upcoming US rate cuts and lingering concerns about the Middle East conflict.

Spot silver was flat at $28.04 per ounce, platinum gained 0.4 per cent to $906.55 and palladium added 0.6 per cent to $943.60.

(with inputs from Reuters)