Gold prices fell by Rs 700 per 10 gram in Wednesday’s early trade as the yellow metal (24-carat) is trading at Rs 51,230. The price of silver, meanwhile, fell Rs 300 to Rs 54,900 per kg.
Ten gram of 22-carat gold was trading at Rs 47,000 on Wednesday after a decrease of Rs 600.
In Mumbai and Kolkata, 24-carat gold is selling at Rs 51,230 per 10 gram, while 22-carat gold is trading at Rs 47,000 in the respective cities. In Delhi, 24-carat and 22-carat gold is trading at Rs 51,4400 and Rs 47,150 per 10 gm, respectively.
In Chennai, 24-carat and 22-carat gold is trading at Rs 52,400 and Rs 48,000, respectively.
Gold held steady on Wednesday, with gains checked by an uptick in the US dollar, as market participants looked forward to a speech from Federal Reserve Chair Jerome Powell later this week. Spot gold was little changed at $1,746.60 per ounce, as of 0126 GMT, after rising 0.7 per cent in the previous session. US gold futures eased 0.2 per cent to $1,758.20.
Gold is highly sensitive to rising US interest rates, as these increase the opportunity cost of holding non-yielding bullion. Gold demand in India improved last week as domestic prices dropped to a more than two-week low, while volumes were sombre in other Asian centres.
Meanwhile, one kg of silver was trading at Rs 54,900 in Delhi, Mumbai, and Kolkata. In Chennai, Bengaluru, Hyderabad, and Kerala, silver is selling at Rs 60,700 per kg.
Spot silver gained 0.4 per cent to $19.08 per ounce.
(With inputs from Reuters)