Gold, silver prices fall in early trade

Gold and silver prices witnessed a drop in Friday's early trade with ten grams of the yellow metal (24-carat) trading at Rs 54,530, after a fall of Rs 350 from yesterday's close. Silver, on the other hand, fell by Rs 500 and is trading at Rs 70,500 per kg today.

According to the GoodReturns website, ten grams of 22-karat gold are currently trading at Rs 49,990.

Citywide breakdown

In Mumbai, Kolkata, and Hyderabad, Kerala and Pune, 10 grams of gold (24-carat and 22-carat) is selling at Rs 54,530, and Rs 49,990, respectively.

In Delhi, 24-carat and 22-carat gold is trading at Rs 54,670, and Rs 50,140, respectively. In Chennai, 10 grams of 24-carat and 22-carat gold is trading at Rs 55,200 and Rs 50,600, respectively.

Gold prices were flat on Friday and set for a weekly loss, pressured by expectations of higher interest rates for a longer period by the US Federal Reserve.

Spot gold was steady at $1,776.85 per ounce as of 0028 GMT, having fallen more than 1 per cent this week. US gold futures were down 0.1 per cent at $1,786.80.

In Mumbai, Delhi, and Kolkata, one kg of silver is trading at Rs 70,500 per kg today. Meanwhile, in Chennai, Bangalore and Hyderabad, silver is selling at Rs 72,700 per kg.

Spot silver rose 0.1 per cent to $23.06, platinum lost 0.1 per cent to $1,005.14 and palladium was down 0.2 per cent at $1,787.50.