The price of 24-carat gold dipped Rs 650 during Friday's early trade, with ten grams of the precious metal selling at Rs 58,800, according to the GoodReturns website. The price of silver fell sharply by Rs 500 to Rs 73,700 per kilogram.
The price of 22-carat gold fell Rs 600 to Rs 53,900.
The price of ten grams of 24-carat gold in Mumbai is at par with the prices in Kolkata and Hyderabad at Rs 58,800.
The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 58,950, Rs 58,800, and Rs 59,020, respectively.
The price of ten grams of 22-carat gold in Mumbai is at par with that of gold in Kolkata and Hyderabad, at Rs 53,900.
The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 54,050, Rs 53,900, and Rs 54,100, respectively.
US gold prices on Friday braced for their biggest monthly fall since February, hovering around levels at over six-month lows on the prospects of higher-for-longer US interest rates ahead of a widely watched US inflation print due later in the day.
Spot gold was up 0.1 per cent at $1,866.41 per ounce by 0020 GMT, set for a nearly 4 per cent decline this month and its second consecutive quarterly drop. US gold futures rose 0.3 per cent to $1,883.50.
Spot silver firmed 0.2 per cent to $22.65 per ounce, but was also set for its worst month in seven.
(with inputs from Reuters)