Gold Price Today: The price of 24-carat gold fell ₹10 in early trade on Friday, with ten grams of the precious metal trading at ₹1,48,960, according to the GoodReturns website. The price of silver also declined by ₹100, with one kilogram of the precious metal selling at ₹2,49,900.
The price of 22-carat gold decreased by ₹10, with ten grams of the yellow metal selling at ₹1,36,540.
The price of ten grams of 24-carat gold stood at ₹1,48,960 in Mumbai, Kolkata, and ₹1,49,990 in Chennai.
In Delhi, the price of ten grams of 24-carat gold stood at ₹1,49,110.
In Delhi, the price of ten grams of 22-carat gold stood at ₹1,36,690.
The price of one kilogram of silver in Delhi, Kolkata, and Mumbai stood at ₹2,49,900.
The price of one kilogram of silver in Chennai stood at ₹2,54,900.
US gold prices declined on Friday as a stronger US dollar and rising oil prices pressured the metal, after Donald Trump said the United States would continue attacks on Iran, fuelling inflation concerns and expectations of higher interest rates.
Spot gold dropped 2.2 per cent to $4,651.35 per ounce as of 1:30 pm EDT (1730 GMT), after earlier hitting a two-week high. US gold futures settled 2.8 per cent lower at $4,679.70.
The dollar strengthened sharply, making dollar-priced bullion more expensive for holders of other currencies. While gold is traditionally seen as a hedge against inflation, it tends to lose appeal in a high interest rate environment because it does not yield returns.
Prices have fallen about 12 per cent since West Asia conflict began on February 28.
In other precious metals, spot silver declined 3.7 per cent to $72.38, platinum rose 0.9 per cent to $1,981.95, and palladium gained 1.9 per cent to $1,497.00.
(with inputs from Reuters)
