Gold price falls by Rs 10 to Rs 71,500 and silver rises by Rs 100 to Rs 83,700 | commodities

In Mumbai, the price of ten grams of 22 carat gold is at par with Kolkata and Hyderabad at Rs 65,540.

In Delhi, Bengaluru and Chennai, the price of ten grams of 22 carat gold was Rs 65,690, Rs 65,540 and Rs 65,540 respectively.

The price of one kilogram of silver in Delhi and Kolkata was Rs 82,700, while the price in Mumbai was Rs 83,700.

The price of one kilogram of silver in Chennai was Rs 87,9600.

American gold prices fell 1 percent on Wednesday after data showed U.S. consumer prices rebounded as expected in July, dampening expectations for a sizeable rate cut from the Federal Reserve next month.

Spot gold was down 1 percent at $2,440.47 an ounce by 1:45 p.m. EDT (1745 GMT). U.S. gold futures were down 1.1 percent at $2,479.70.

Non-yielding gold is up 19% so far this year after spot prices hit a record high of $2,483.60 on July 17 on firm safe-haven demand and Fed rate cut expectations.

Elsewhere, spot silver was down 2.1% at $27.26 and platinum was down 1.3% at $923.95. Palladium fell 1.2% to $927.25.

(with contributions from Reuters)

First publication: August 15, 2024 | 8:19 AM IST