Gold prices fall by Rs 270, silver trades higher at Rs 60,000 per kg

Gold prices in India fell on Thursday morning and witnessed a fall of Rs 270. 10 gram of 24-carat gold is trading at Rs 51,440, whereas, 10 gram of 22-carat gold is trading at Rs 47,150, after a fall of Rs 250. The fall in gold prices comes after the US Fed Reserve announced the biggest rate hike since 1994 and flagged economic risks. 

Silver, on the other hand, witnessed an uptick in its price. 1 kg of silver is trading at Rs 60,000 after an increase of Rs 200. 

The price of 10 gram of 24-carat gold in Delhi, Mumbai, Kolkata, Bangalore, and Hyderabad is trading at Rs 51,440. Meanwhile, the price of 10 gram of 22-carat gold in Delhi, Bangalore, Bhubneshwar, and Mangalore is Rs 47, 170. In Chennai, 10 gram of 24-carat gold and 22-carat gold is trading at Rs 51,500 and Rs 47,200 respectively. 

On the other hand, silver is trading at Rs 60,000 per kg in Delhi, Mumbai, and Kolkata. In Chennai, Bangalore, and Hyderbad, 1 kg of silver is trading at Rs 66,000.

Spot gold rose 1.4% to $1,833.42 per ounce by 4:09 p.m. EDT (2009 GMT). The dollar's retreat bolstered gold's appeal among overseas buyers, while benchmark U.S. Treasury yields also dipped. [USD/] [US/]

Other metals latched on to gold's run. Spot silver rose 2.9% to $21.69 per ounce