The price of gold in the national capital declined by Rs 389 to Rs 51,995 per 10 grams on Friday, compared to Rs 52,384 in the previous trade. Notably, silver plunged from Rs 1,607 to Rs 56,247, compared to Rs 57,845 per kg from the previous trade.
In Mumbai, the price of 10 grams of 22-carat stood at Rs 47,800 compared to Rs 47,900 in the previous session. Similarly, the price of 10 grams of 24-carat of yellow metal stood at Rs 52,150, compared to Rs 52,250 in the previous session.
Similarly, in Bengaluru, the price of 10 grams of 22-carat declined by Rs 100 to Rs 47,850, whereas the price of 10 grams of 24-carat gold slipped by Rs 110 to Rs 52,200.
In Chennai, the price of 10 grams of 22-carat gold declined by Rs 160 to Rs 48, 220, whereas the price of 10 grams of 24-carat gold slipped by Rs 170 to Rs 52,600.
Notably, in the international market, the gold price plunged to a three-week low on Friday owing to a stronger US Dollar and surging US bond yields, which could be its longest losing streak since November 2021, as per a report by Reuters. As per the report, the price of spot gold was down 0.3 per cent at $1,753 per ounce as of 0940 GMT.
Meanwhile, spot silver was trading 1.5 per cent lower to $19.23 per ounce.
Tapan Patel, Senior Analyst (Commodities), HDFC Securities, “Gold prices traded under pressure over a stronger dollar.”