Gold prices fell Rs 200 in Tuesday’s early trade, with ten grams of 24-carat gold trading at Rs 56,350, according to the GoodReturns website. Silver prices remained unchanged at Rs 67,000 per kilogram.
The price of ten grams of 22-carat gold dipped Rs 200 from yesterday’s close to Rs 51,650.
The price of ten grams of 22-carat gold in Mumbai is at par with that of gold in Kolkata and Hyderabad, at Rs 51,650.
The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 51,800, Rs 51,700, and Rs 52,350, respectively.
The price of ten grams of 24-carat gold in Mumbai is at par with that of gold in Kolkata and Hyderabad, at Rs 56,350.
The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 56,500, Rs 56,400, and Rs 57,110, respectively.
US gold prices fell more than 1 per cent on Tuesday, as the dollar jumped after Federal Reserve Chair Jerome Powell indicated rate hikes could come at a faster pace from the US central bank in his testimony to a congressional committee.
Spot gold was down 1.8 per cent at $1,813.11 per ounce by 1:54 p.m. ET (1854 GMT). US gold futures fell 1.9 per cent to settle at $1,817.70 per ounce.
The Fed will likely need to raise interest rates more than expected in response to recent strong data and is prepared to move in larger steps if the “totality” of incoming information suggests tougher measures are needed to control inflation, Powell told US lawmakers on Tuesday.
“This direct reference to ‘faster tightening’ even if mitigated by ‘if warranted’ is more of a shove than a nudge, putting the precious metals complex under pressure as the dollar surges,” said Tai Wong, a senior trader at Heraeus Precious Metals in New York.
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