Gold price today: Yellow metal drops by Rs 644, silver by Rs 305 in early trade

Gold price on July 22 dipped by Rs 644 to Rs 47,707 per 10 grams in early trade following a muted trend in international spot prices.

In the previous trade, the precious metal had closed at Rs 48,351 per 10 gram.

in Kolkata, gold price was down by Rs 400 to Rs 48,300 for 24 carat and 22 carat by Rs 350 to Rs 45,850.

Gold and silver were choppy on July 21 due to volatility in the US dollar index. Both the precious metals settled on a mixed note in the international market.

Experts feel persisting risks due to coronavirus, inflation concerns, expectations that ECB may maintain a dovish stance are supporting gold price while ETF investors remain on the sidelines, awaiting fresh triggers.

Gold continues to hold near $1,800 and buying interest may emerge at lower levels amid persisting challenges to the global economy.

The 22 carat gold price also dropped by Rs 590 to Rs 43,700 per 10 grams against Rs 44,290 on July 20.

Silver also became cheaper by Rs 305 to Rs 66,997 per kg, from Rs 67,302 per kg in the previous trade.

The Indian Bullion and Jewellers Association (IBJA) usually revises gold-silver rates twice a day, one around 12 noon and around 6 pm. This rate is considered to be the base of gold and silver prices in the country.

The price of 24 carat gold rate was between Rs 47,000 and Rs 48,000 in June 2021.

In the month of July gold rate went up slightly. The average rate for the first 20 days in July went up to Rs 48,150.