Gold price falls in early trade; yellow metal selling at Rs 57,160

Gold prices fell Rs 70 on Wednesday, with 10 grams of the yellow metal (24-carat) trading at Rs 57,160. Silver prices, on the other hand, rose Rs 400 from yesterday's close to Rs 70,400 per kg.

The price of 22-carat gold fell Rs 100 from yesterday's close to Rs 52,400, according to the GoodReturns website.

In Kolkata and Hyderabad, 10 grams of 24-carat and 22-carat gold was selling at Rs 57,240 and Rs 52,400, respectively.

In Delhi, 10 grams of 24-carat and 22-carat gold was trading at Rs 57,310 and Rs 52,550, respectively and in Mumbai at Rs 57,160 and Rs 52,400, respectively.

In Chennai, 10 grams of 24-carat and 22-carat gold was selling at Rs 58,140 and Rs 53,300, respectively.

US gold prices gave up gains accrued due to dollar weakness on Tuesday to end the session nearly unchanged as US Federal Reserve officials remained hawkish on rate hikes.

Spot gold was nearly flat at $1,852.94 per ounce by 2:33 p.m. ET (1933 GMT). US gold futures gained 0.1 per cent to settle at $1,851.80.

In Delhi, Mumbai and Kolkata, 1 kg of silver was trading at Rs 70,400, while in Chennai and Hyderabad, it was selling at Rs 72,500.

Spot silver fell 0.6 per cent to $21.84, and platinum slipped 2.3 per cent to $931.61.

(With inputs from Reuters)