Gold price falls by Rs 10 to Rs 74,720, silver falls by Rs 100 to Rs 90,900 | commodities

In Mumbai, the price of ten grams of 22 carat gold is at par with Kolkata and Hyderabad at Rs 68,490.

In Delhi, Bengaluru and Chennai, the price of ten grams of 22 carat gold was Rs 68,640, Rs 68,490 and Rs 68,490 respectively.

The price of a kilogram of silver in Delhi is in line with the silver price in Kolkata and Mumbai at 90,900.

The price of a kilogram of silver in Chennai it was Rs 95,900.

American gold struggled for momentum on Thursday as market participants digested comments from Federal Reserve Chairman Jerome Powell after the US central bank offered a very large interest rate cut.

Spot gold was little changed at $2,558.00 an ounce as of 0033 GMT. Bullion rose to a record high of $2,599.92 on Wednesday before closing lower.

U.S. gold futures fell 0.6 percent to $2,582.70.

The US dollar rose broadly, recovering from an earlier slump caused by the Fed’s rate cut decision. A stronger dollar makes gold more expensive for other currency holders.

Spot silver was up 0.5% at $30.20 an ounce, platinum was up 0.1% at $969.45 and palladium was down nearly 1% at $1,051.43 .

(with contributions from Reuters)

First publication: September 19, 2024 | 8:14 AM IST