The price of 10 grams of 22 carat gold fell by Rs 800 to Rs 54,200.
10 grams of 22 carat gold price in Mumbai is Rs.54,200 at par with the gold price in Kolkata and Hyderabad.
The rate of 10 grams of 22 carat gold in Delhi, Bangalore and Chennai is Rs 54,350, Rs 54,250 and Rs 54,700 respectively.
Ten grams of 24K gold price in Mumbai is Rs 59,130 at par with the gold price in Kolkata and Hyderabad.
The rate of 10 grams of 24K gold in Delhi, Bangalore and Chennai is Rs 59,280, Rs 59,180 and Rs 59,670 respectively.
US gold prices gained ground on Thursday after the Federal Reserve raised interest rates by 25 basis points as expected and signaled that it is on the verge of stopping future hikes in view of the recent turmoil in the financial sector.
Spot gold was up 0.2 percent at $1,972.72 an ounce as of 0101 GMT. US gold futures rose 1.3 per cent to $1,974.60.
Gold prices rose 2 per cent on Wednesday after the Fed raised interest rates but signaled it could hold off on further increases in borrowing costs following the recent collapse of two US banks.
Fed policymakers believe only one more interest rate hike this year may be needed to tame inflation, but less easing next year than most would consider just three months ahead.
Gold has traditionally been considered a hedge against inflation, and the low-interest rate environment makes non-yielding bullion a more attractive bet.
The price of one kg of silver in Delhi, Mumbai and Kolkata is Rs 71,600.
The price of one kg of silver in Bangalore, Chennai and Hyderabad is 74 thousand rupees.
