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The price of 24-carat gold declined Rs 110 during Wednesday's early trade, with ten grams of the precious metal selling at Rs 59,510, according to the GoodReturns website. Silver price was unchanged, with 1 kg of the precious metal selling at Rs 72,800.
The price of 22-carat gold dipped Rs 100, with the yellow metal selling at Rs 54,550.
The price of ten grams of 24-carat gold in Mumbai is at par with that in Kolkata and Hyderabad, at Rs 59,510.
The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 59,660, Rs 59,510, and Rs 60,000, respectively.
The price of ten grams of 22-carat gold in Mumbai is at par with that in Kolkata and Hyderabad, at Rs 54,550.
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The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 54,700, Rs 54,550, and Rs 55,000, respectively.
US gold prices were flat on Wednesday, a day after breaching the key $1,900 support level on strong
consumer spending data fuelling speculation that the Federal Reserve was not done with its interest rate hiking cycle.
Spot gold was flat at $1,900.90 per ounce by 0123 GMT, while US gold futures eased 0.1 per cent to $1,933.
Gold on Tuesday dropped to as low as $1,895.50 an ounce, its weakest level since end-June, as benchmark 10-year US Treasury yields hit an almost 10-month high, making them more attractive than non-interest bearing bullion.
Spot silver was up 0.1 per cent at $22.52 an ounce and platinum down 0.1 per cent to $887.81. Palladium gained 0.2 per cent to $1,237.40.
One kg of silver in Mumbai and Delhi is trading at Rs 72,800.
The price of 1 kg of silver in Chennai and Hyderabad is Rs 76,000.
(With inputs from Reuters)
