Ahead of the RBI rate cut decision, gold prices in India fell to Rs 1,30,090 and silver was down at Rs 1,77,670 on Friday, according to the India Bullion Association. However, silver in the spot market steadied at $57.05.
Spot gold also fell on Friday trading around $4,230 an ounce. Despite the pull back from record high last month gold remains on course for its strongest annual gain since 1979, having reached a series of record highs before retreating last month. US rate cuts have underpinned prices, which have also been buoyed by inflows into bullion-backed exchange-traded funds and sustained central bank buying.
Gold Price Today: Delhi, Mumbai, Chennai Prices
In New Delhi, the price stood at Rs 1,29,630, per 10 gm, and in Mumbai, it stood at Rs 1,29,850 on Friday.
In Bengaluru, the rate stood at Rs 1,29,960, while in Kolkata, it was Rs 1,29,680 per 10 gm. The price of the precious commodity in Chennai was the highest at Rs 1,30,230 per 10 gm.
The Dec. 25 futures rose to Rs 1,30,000 according to the Multi-Commodity Exchange. The spot prices of the yellow metal were $4,233.30 on Friday, according to Bloomberg.
Silver Price Today: Spot and Future Prices
The precious metal's price fell on Friday and was trading at Rs 1,77,670 per kilogram on Dec. 5, according to the India Bullion Association. The metal had hit a record high on Tuesday after a trading outage on the Chicago Mercantile Exchange due a data-center fault adding to the ongoing supply shortage.
Dec. 25 futures for silver were trading lower at Rs 1,77,951, according to the Multi-Commodity Exchange, while Spot silver was down 0.02% at $57.48, giving up the gains of the previous session.
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