In India, gold price (24-carat) edged higher by Rs 278 to Rs 57,190 per 10 grams on Saturday, as per the rates published by the Indian Bullion and Jewellers Association (IBJA). In the previous trade, the precious metal closed at Rs 56,912 per 10 grams.
While, gold price of 24-carat purity stood at Rs 52,380 per 10 grams, showing a rise of Rs 310 over its previous close.
Silver price, however, softened by Rs 674 to Rs 68,200 per kilogram, as per IBJA.
Going forward, gold prices are likely to remain volatile and see some correction as all eyes will be on US Fed meeting and Union Budget back home, analysts said. These two global and domestic factors are likely to dictate gold prices in the near term.
Gold (24 karat) prices (10 grams) in Delhi, Mumbai, key Indian cities today
Delhi – Rs 57,609 as against Rs 57,420 yesterday
Mumbai – Rs 57,890 as against Rs 57,270 yesterday
Chennai – Rs 58,650 as against Rs 58,310 yesterday
Kolkata – Rs 57,700 as against Rs 57,270 yesterday
Bangalore – Rs 57,620 as against Rs 57,330 yesterday
Ahmedabad – Rs 57,870 as against Rs 57,320 yesterday
Silver prices (1 kg) in key India cities today
Delhi – Rs 72,870 as against Rs 72,660 yesterday
Mumbai – Rs 72,300 as against Rs 72,220 yesterday
Chennai – Rs 74,400 as against Rs 74,600 yesterday
Kolkata – Rs 72,800 as against Rs 72,600 yesterday
Bangalore – Rs 74,500 as against Rs 74,900 yesterday
Ahmedabad – Rs 72,600 as against Rs 72,600 yesterday
Internationally, gold slipped in the previous session as the dollar gained some ground in the wake of US economic data, with investors still trying to pin down the Federal Reserve’s likely move on interest rates next week.
Spot gold fell 0.2 percent to $1,925.99 per ounce, giving up initial gains soon after data showing U.S. consumer spending fell in December, even as the core PCE index gained 0.3 percent. US gold futures were also down 0.2 percent to $1,926.10.