Gold and silver prices fall; yellow metal selling at Rs 55,530 per 10 g

The price of gold fell by Rs 430 on Friday, with 10 grams of the yellow metal (24-carat) trading at Rs 55,530. Silver prices declined Rs 1,000 from yesterday's close and the precious metal is selling at Rs 71,000 per kg.

The price of 22-carat gold fell Rs 400 from yesterday's close to Rs 50,900, according to the GoodReturns website.

In Mumbai, Kolkata, and Hyderabad, 10 gram of 24-carat and 22-carat gold was selling at Rs 55,530 and Rs 50,900, respectively.

In Delhi, 10 grams of 24-carat and 22-carat gold was trading at Rs 55,680 and Rs 51,050, respectively. In Chennai, 10 gram of 24-carat and 22-carat gold was selling at Rs 56,620 and Rs 51,900, respectively.

US gold prices shot up over 1 per cent on Friday to 7-month highs as Treasury yields and the dollar fell after US economic data cemented expectations of a less-hawkish Fed, setting the metal on track for its third consecutive weekly rise.

Spot gold jumped 1.9 per cent to $1,867.18 per ounce by 1:43 p.m. ET (1843 GMT), their highest since June 13 last year. Prices have gained about 2.1 per cent so far this week, the most since the week of Dec. 2.

US gold futures settled up 1.6 per cent at $1,869.7.

In Delhi, Mumbai, and Kolkata, 1 kg of silver was trading at Rs 71,000, while in Chennai it was selling at Rs 73,500.