Gold prices fell Rs 200 in Tuesday's early trade, with 10 grams of 24-carat gold trading at Rs 56,350. Silver prices remained unchanged at Rs 67,000 per kilogram.
The price of 10 grams of 22-carat gold dipped Rs 200 from yesterday's close to Rs 51,650, according to the GoodReturns website.
Citywide breakdown
In Mumbai, Kolkata, and Hyderabad, 10 grams of 22-carat and 24-carat gold are trading at Rs 51,650, and Rs 56,350, respectively.
In Delhi, Bengaluru, and Chennai, 10 grams of 22-carat gold is at Rs 51,800, Rs 51,700, and Rs 52,350, respectively.
In Delhi, Bengaluru, and Chennai, 10 grams of 24-carat gold is at Rs Rs Rs 56,500, Rs 56,400, and Rs 57,110, respectively.
The dollar rose on Tuesday as Federal Reserve Chair Jerome Powell said rate increases from the US central bank could happen more quickly in his testimony to a congressional committee. As a result, US gold prices dropped by more than 1%.
In reaction to recent good data, the Fed will likely need to hike interest rates more than anticipated.
Powell told US legislators on Tuesday that the Fed is prepared to take additional moves if the "totality" of incoming evidence indicates that harder measures are required to contain inflation.
Spot gold was down 1.8 per cent at $1,813.11 per ounce by 1:54 p.m. ET (1854 GMT). US gold futures fell 1.9 per cent to settle at $1,817.70 per ounce.
In Delhi, Mumbai, and Kolkata, the price of 1 kg of silver is Rs 66,900.
In Bengaluru, Chennai, and Hyderabad, the price of 1 kg of silver is Rs 70,000.
