Gold price today at Rs 47,760 per 10 gm, silver trending at Rs 71,900 a kg

According to analysts, Fed taper talk could drive gold prices lower. (Photo: Reuters)
The price of 22-carat gold on Tuesday dipped to Rs 47,760 for 10 gm from Rs 47,730 and silver was trading at Rs 71,900 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 is at Rs 47,650 per 10 gm. In Chennai, it declined to Rs 45,750. The rate in Mumbai was Rs 47,760, according to the website.

Prices for 24-carat gold witnessed an uptick of Rs 30 per 10 gram to Rs 48,760 on Tuesday from Rs 48,730 in the previous trading session.

Gold prices inched up marginally in India despite sliding in the bullion markets amidst the strong dollar.

Silver dipped by Rs 400 per kilogram to Rs 71,900 per from Rs 72,300 in the previous trade. Indian rupee ended 20 paise lower at 73.27 per dollar on Monday, amid volatile trade saw in the domestic equity market.

In the global market, gold prices slipped as much as 1.7% on Monday, as some investors feared the US Federal Reserve may outline a path for scaling back its expansive monetary policy at a two-day meeting this week.

Spot gold fell 0.7% to $1,863.98 per ounce by 1:43 pm EDT (1743 GMT) after hitting its lowest level since May 17 at $1,848.49. US gold futures settled 0.7% down at $1,865.9.

According to analysts, Fed taper talk could drive gold prices lower. Market participants will also scrutinise the Federal Reserve’s evolving outlook on unemployment, inflation and economic growth, as well as the likely date of a first rate hike.

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