Across major cities, 10 grams of 24-carat gold was priced at Rs 1,69,190 in Mumbai and Kolkata, while Chennai recorded a higher rate of Rs 1,72,900
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Gold prices edged lower in early trade on Saturday, with the price of 24-carat gold slipping by Rs 10 to Rs 1,69,190 per 10 grams, according to official data. Silver prices also weakened, declining by Rs 100 to Rs 3,94,900 per kilogram.
The price of 22-carat gold also fell by Rs 10, with 10 grams of the yellow metal trading at Rs 1,55,090.
Across major cities, 10 grams of 24-carat gold was priced at Rs 1,69,190 in Mumbai and Kolkata, while Chennai recorded a higher rate of Rs 1,72,900. In the national capital, Delhi, the same quantity was priced at Rs 1,69,340.
For 22-carat gold, prices stood at Rs 1,55,090 per 10 grams in Mumbai, Kolkata, Bengaluru and Hyderabad, while Chennai saw a higher price of Rs 1,58,490. In Delhi, 10 grams of 22-carat gold was priced at Rs 1,55,240.
Silver prices remained uniform at Rs 3,94,900 per kilogram in Delhi, Kolkata and Mumbai. In Chennai, silver was trading at a higher rate of Rs 4,04,900 per kilogram.
Silver, gold prices plummet amid aggressive profit booking
Meanwhile, gold and silver prices saw a meltdown this week, amid dollar strengthening and aggressive profit booking from investors after an unprecedented rally in metal.
MCX gold February futures dipped 9 per cent while MCX silver March futures slid down 25 per cent on Friday. Currently gold futures stand at Rs 1,49,075, while silver futures at Rs 2,91,922 per kg.
The price of 10 gram 24-carat gold was at Rs 1,65,795 down from Rs 1,75,340 of previous day's close, according to data published by the India Bullion and Jewellers Association (IBJA).
The bearishness in precious metals came as US President Donald Trump nominated Kevin Warsh as the next Federal Reserve chair which fuelled a recovery in the US dollar.
Analysts said Warsh would be less supportive of lower interest rates due to his hawkish stance on inflation control and emphasis on Fed independence, which prompted selling among precious-metals traders.
Regarding silver, they said that industrial demand convergence maintains relative strength potential and a dip to Rs 3 lakh-Rs 3.10 level would signal renewed buying interest, potentially taking the white metal to Rs 3,40,000 to Rs 3,50,000 levels.
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