Gold price falls by Rs 10 to Rs 72,860, silver falls by Rs 100 to Rs 86,900 | commodities

In Mumbai, the price of ten grams of 22 carat gold is at par with Kolkata and Hyderabad at Rs 66,790.

In Delhi, Bengaluru and Chennai, the price of ten grams of 22 carat gold was Rs 66,940, Rs 66,790 and Rs 66,790 respectively.

The price of a kilogram of silver in Delhi is in line with the price of silver in Kolkata and Mumbai at 86,900.

The price of one kilogram of silver in Chennai was Rs 91,900.

US Gold Prices rose on Friday but were set for a weekly loss as investors eagerly awaited a speech by US Federal Reserve Chairman Jerome Powell in Jackson Hole, Wyoming, for more clues on the scale of a possible rate cut in September.

Spot gold was up 0.2 percent at $2,488.59 an ounce by 0036 GMT. Bullion, which hit an all-time high on Tuesday, is down nearly 1 percent so far this week.

US gold futures gained 0.29% to $2,524.00.

Bullion fell more than 1 percent on Thursday as the dollar index rebounded from a multi-month low and benchmark 10-year yields rose. A stronger dollar and higher yields reduce gold’s appeal, making it less attractive to holders of other currencies.

SPDR Gold Trust, the world’s largest gold exchange-traded fund, said on Thursday that its holdings rose 0.13 percent.

Spot silver rose 0.4% to $29.10 an ounce, platinum gained 0.6% to $949.70 and palladium fell 0.4% to $929.14.

(With contributions from Reuters)

First publication: August 23, 2024 | 8:12 AM IST