The price of 24-carat gold declined Rs 160 during Friday’s early trade, with ten grams of the precious metal selling at Rs 59,950, according to the GoodReturns website. Silver price fell Rs 2,300, with 1 kg of the precious metal selling at Rs 77,300.
The price of 22-carat gold also fell Rs 150, with the yellow metal selling at Rs 54,950.
The price of ten grams of 24-carat gold in Mumbai is at par with that in Kolkata and Hyderabad, at Rs 59,950.
The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 60,260, Rs 60,110, and Rs 60,380, respectively.
The price of ten grams of 22-carat gold in Mumbai is at par with that of gold in Kolkata and Hyderabad, at Rs 54,950.
The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 55,100, Rs 55,950, and Rs 55,350, respectively.
Gold was near a more than three-week low on Thursday, dragged by a robust dollar and elevated bond yields, while investors remained cautious ahead of July US nonfarm payrolls data.
Spot gold was flat at $1,933.80 per ounce by 2:34 p.m. EDT (1834 GMT) after hitting its lowest since July 11. US gold futures settled 0.3 per cent lower at $1,968.80.
The dollar rose to a four-week high, making gold more expensive for other currency holders. US 10-year Treasury yields rose to their highest since November.
The US jobs report due Friday could influence the Federal Reserve’s policy stance. The number of Americans filing new claims for unemployment benefits rose slightly last week.
While investors digested Fitch’s downgrade of the US credit rating, independent analyst Ross Norman said gold’s failure to rally on that news may be behind redemptions seen in gold exchange-traded funds.
(With inputs from Reuters)