Gold price falls by Rs 10 to Rs 72,640, silver falls by Rs 100 to Rs 86,600 | commodities

In Mumbai, the price of ten grams of 22 carat gold is at par with Kolkata and Hyderabad at Rs 66,590.

In Delhi, Bengaluru and Chennai, the price of ten grams of 22 carat gold was Rs 66,740, Rs 66,590 and Rs 66,590 respectively.

The price of a kilogram of silver in Delhi is in line with the price of silver in Kolkata and Mumbai at 86,600.

The price of one kilogram of silver in Chennai was Rs 91,600.

U.S. gold gained more than 1 percent on Friday as the dollar and Treasury yields retreated following comments by Federal Reserve Chairman Jerome Powell that signaled a September interest rate cut.

Spot gold rose 1.2 percent to $2,512.63 an ounce by 1:44 p.m. ET (1744 GMT), but touched a record high of $2,531.60 on Tuesday. U.S. gold futures settled 1.2 percent higher at $2,546.30.

Silver rose 2.9% to $29.83 an ounce and is up nearly 2.7% this week. Platinum gained 1.8% to $961.01 and palladium rose 2.6% to $956.69.

(With contributions from Reuters)

First publication: August 24, 2024 | 7:56 AM IST