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Gold Price Decreases to Rs 50,630, Silver Stands at Rs 60,600

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Gold price today decreased by Rs 670, reaching Rs 50,630 per 10 gram. The price of 22-carat gold has plunged from Rs 50,300 to Rs 49,630 per 10 gram, according to Good Returns. On the other hand, the rate of 24-carat of yellow metal has dwindled from Rs 51,300 to Rs 50,630 per 10 gram.

In Delhi and Mumbai, 22-carat gold costs Rs 49,500 and Rs 49,630, while 24-carat gold comes at a price of Rs 54,000 and Rs 50,630. The price of 22-carat gold in Chennai stands at Rs 48,800, while 24-carat gold costs Rs 53,230.

In Kolkata and Bengaluru, 22-carat gold is priced at Rs 49,740 and Rs 48,050, while 24-carat gold can be purchased at Rs 52,440 and Rs 52,420. The prices of 22-carat and 24-carat gold in Ahmedabad stand at Rs 49,630 and Rs 53,070.

On the Multi-Commodity Exchange (MCX), October gold futures dipped 0.4 per cent, reaching 50,180 per 10 gram, reported livemint. Gold prices last month touched a high of Rs 56,200 and have decreased by Rs 6,000 per 10 gram since then.

Gold prices globally have dwindled sharply this week because of investors seeking safety of the US dollar. In the previous session, the rate of gold plunged about Rs 100.

The price of the yellow metal in the global market decreased today due to the strong US dollar. At lower levels, the price of gold improved on account of renewed US-China tensions and concerns over economic recovery.

According to livemint, spot gold price stood at $1,902.04 per ounce. Investors have put in below expected amounts in buying gold despite the reduction in prices. ETF Holdings in SPDR Gold Trust plunged 0.05 per cent to 1,278.23 tonnes on Tuesday.

However, the dollar index reached an eight-week peak against other currencies. It means gold will become costly for other currencies as a strong dollar improves the price of the yellow metal.

According to Good Returns, the price of one kilogram of silver has fallen by Rs 6,400, from Rs 67,000 to Rs 60,600. On MCX, silver prices decreased 1.6 per cent to Rs 60,250 per kg. The price of spot silver moved down 0.6 per cent to $24.26 per ounce.