Gold prices went down by Rs 550 to Rs 57,160; silver drops to Rs 70,800

Gold prices drop by Rs 550 during Friday's early trade with ten grams of 24 carat gold tradinng at Rs 57,160, accrding to the GoodReturns website. Silver prices also went down by Rs 550, with 1 kg of the precious metal selling at Rs 70,800.

The price of ten grams of 22 carat gold also went down by Rs 500 to sell at Rs 52,400.

The price of ten grams of 22 carat gold in Mumbai is at par with the price of gold in Kolkata and Hyderabad, at Rs 52,400.

The price of ten gams of 22 carat gold in Delhi, Bengaluru, and Chennai is Rs 52,450, Rs 52,450, and Rs 53,200, respectively.

The price of ten grams of 24 carat gold in Mumbai is at par with the price of gold in Kolkata and Hyderabad, at Rs 57,160.

The price of ten gramms of 24 carat gold in Delhi, Bengaluru, and Chennai is Rs 57,310, Rs 57,210, and Rs 58,040, respectively.

Spot gold was down 0.1% at $1,859.70 per ounce, as of 0324 GMT. For the week so far, the metal was down 0.3%.

U.S. gold futures fell 0.4% to $1,871.10.

Spot silver fell 0.3% to $21.92 per ounce, and palladium was little changed at $1,629.33.

The price of 1 kg of silver in  Delhi is at par with the price of silver in Mumbai and Kolkata, at Rs 70,800.

The price of 1 kg of silver in Bengaluru, Chennai, and Hyderabad is Rs 72,500.

(With inputs from Reuters)