The price of 22-carat gold has also dropped by Rs 250, with the yellow metal currently selling for Rs 54,700.
According to the GoodReturns website, the price of 24-carat gold fell Rs 280 in early trade on Friday, with ten kilos of the precious metal selling for Rs 59,670. The price of silver plummeted by Rs 500, with 1 kilogram of the precious metal selling for Rs 73,000.
The price of 22-carat gold fell by Rs 250 as well, with the yellow metal now retailing for Rs 54,700.
Ten grams of 24-carat gold cost Rs 59,670 in Mumbai, the same as it does in Kolkata and Hyderabad.
In Delhi, Bengaluru, and Chennai, ten grams of 24-carat gold costs Rs 59,820, Rs 59,670, and Rs 60,050, respectively.
Ten grams of 22-carat gold cost Rs 54,700 in Mumbai, the same as it does in Kolkata and Hyderabad.
Ten grams of 22-carat gold costs Rs 54,850, Rs 54,700, and Rs 55,050 in Delhi, Bengaluru, and Chennai, respectively.
Spot gold was up 0.1% at $1,915.49 per ounce at 1:51 p.m. EDT (1751 GMT) after gaining as much as 0.8% following the release of US statistics.
Gold futures in the United States closed 0.1 percent lower at $1,948.9.
The consumer price index (CPI) increased 0.2% last month, mirroring the gain in June, according to the US Labor Department. The CPI increased by 3.2% in the year to July, up from 3.0% in June, which was the smallest year-on-year increase since March 2021.