The price for 24-carat gold edged lower to Rs 48,730 per 10 gm on Monday
The price for 22-carat gold on Monday inched lower to Rs 47,730 for 10 gm from Rs 47,880 on Friday. Silver was at Rs 72,300 per kg, according to the Good Returns website.
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 was down to Rs 47,890 per 10 gm. In Chennai, it declined to Rs 46,060. The Mumbai rate is Rs 47,730, according to the website.
The price for 24-carat gold edged lower to Rs 48,730 per 10 gm on Monday from Rs 48,880 in the Friday trading session.
Silver, on Monday, witnessed an uptick of Rs 900 to Rs 72,300 from Rs 71,400 per kilogram on Friday.
The rupee fell by 1 paisa to end at 73.07 (provisional) against the US dollar in the last trading session amid strengthening of the American currency against key rivals and rising crude oil prices. The domestic currency has lost 27 paise in the last four trading sessions.
In the global market, gold prices
had slipped on Friday, hurt by a strengthening dollar as some investors bet that recent spikes in US consumer prices are temporary.
Spot gold fell 1.2% to $1,875.31 per ounce by 2:01 p.m EDT (1801 GMT). US gold futures settled 0.9% lower at $1,879.6.
The dollar index gained 0.6%, dimming gold’s appeal to investors holding other currencies.
Data on June 10 showed US consumer prices rose sharply in May, but analysts say the spike is likely “transitory” and therefore fears over the Federal Reserve policy tightening have ebbed.
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