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The price of 22-karat gold slipped to 47,410 rupees for 10 grams on Thursday from 47,600 rupees and silver was trading at 71,300 rupees per kg, according to the Good Returns website.
The price of gold jewelry varies across India, the second largest consumer of the metal, due to consumption taxes, government taxes and changes.
In New Delhi the price of 22 carat gold fell to 47,500 rupees per 10 grams, in Chennai it slipped to Rs 45,750. The price in Mumbai was 47,410 rupees, according to the website.
24-karat gold prices saw a drop of 190 rupees per 10 grams to 48,410 rupees from 48,600 rupees in the previous trading session on Thursday.
Silver fell 200 rupees per kilogram to 71,300 rupees per kilogram from 71,500 rupees in the previous trade.
The rupee lost the seventh session in a row, falling one paisa against the US dollar on Wednesday to level at 73.32 (tentatively) ahead of the Fed’s meeting, and domestic stocks subdued.
In the world market, the price of gold slipped by over 1% on Wednesday after officials from the Federal Reserve issued forecasts for the first rate hikes after the pandemic by 2023.
Spot gold fell 1.1% to $ 1,839.06 an ounce by 2:42 p.m. EDT after previously hitting its lowest level since May 14 at $ 1,833.65. US gold futures rose 0.3% to $ 1,861.40.
Gold was further hurt by a rise in the dollar and yields after the announcement. Higher returns increase the opportunity cost of holding unprofitable precious metals.
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