Gold, silver prices fall, yellow metal selling at Rs 55,960 in early trade

The price of gold fell by Rs 170 on Thursday, with 10 grams of the yellow metal (24-carat) trading at Rs 55,960. Silver price also fell by Rs 300 per kilogram from yesterday's close. The precious metal was selling at Rs 71,500 per kg.

The price of 22-carat gold fell Rs 150 from yesterday's close to Rs 51,300, according to the GoodReturns website.

In Mumbai, Kolkata, and Hyderabad, 10 gram of 24-carat and 22-carat gold was selling at Rs 55,960 and Rs 51,300, respectively.

In Delhi, 10 grams of 24-carat and 22-carat gold was trading at Rs 51,450 and Rs 56,110, respectively. In Chennai, 10 gram of 24-carat and 22-carat gold was selling at Rs 57,050 and Rs 52,300, respectively.

US gold prices were flat during early Asian hours on Thursday, as traders awaited key US inflation data that could influence the Federal Reserve's policy path.

Spot gold held its ground at $1,876.93 per ounce, as of 0011 GMT. US gold futures rose 0.1 per cent to $1,879.80.

Indian gold refiners have nearly stopped imports of gold dore, a semi-pure alloy, as grey market operators offer hefty discounts to market rates and cut into their slender margins, making business a losing proposition, industry officials say.

In Delhi, Mumbai, and Kolkata, 1 kg of silver was trading at Rs 71,500, while in Chennai it was selling at Rs 74,000.

Spot silver edged up 0.1 per cent to $23.44, platinum fell 0.1 per cent to $1,069.47 and palladium slipped 0.1 per cent to $1,772.48.

(With Reuters inputs)