Gold prices slid in India despite being little changed in the bullion market as market awaits the US Fed meeting.
The price of 22-carat gold on Wednesday dipped to Rs 47,600 for 10 gm from Rs 47,760 and silver was trading at Rs 71,500 per kg, according to the Good Returns website.
Gold jewellery price varies across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making changes.
In New Delhi, the price of 22-carat gold remained unchanged at Rs 47,650 per 10 gm. In Chennai, it was up to Rs 45,760. The rate in Mumbai was Rs 47,600, according to the website.
Prices for 24-carat gold witnessed a decline of Rs 160 per 10 gram to Rs 48,600 on Wednesday from Rs 48,760 in the previous trading session.
slid in India despite being little changed in the bullion market as market awaits the US Fed meeting.
Silver dipped by Rs 400 per kilogram to Rs 71,500 per kilogram from Rs 71,900 in the previous trade.
Registering losses for the sixth session in a row and paring initial gains, the rupee declined by two paise against the US dollar on Tuesday, to settle at 73.31 (provisional) amid rising crude oil prices and dollar demand from the oil importers.
In the global market, gold fell on Tuesday as the dollar firmed and as markets
weighed the chances that the US Federal Reserve this week may signal an eventual easing of stimulus.
Spot gold fell 0.5% to $1,855.99 per ounce by 1:55 pm EDT (1755 GMT), while US gold futures settled down 0.5% at $1,856.40.
Further reducing gold’s appeal, the dollar index firmed after hitting a one-month peak and benchmark yields rose, increasing non-yielding gold’s opportunity cost.
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