Gold jumps by Rs 110, silver crashes Rs 1,000, trading at Rs 77,200/kg

The price of 24-carat gold rose Rs 110 during early trade on Friday, with ten grams of the precious metal selling at Rs 62,780, according to the GoodReturns website. The price of silver dipped Rs 1,000, with one kilogram of the precious metal selling at Rs 77,200.

The price of 22-carat gold rose Rs 100, with the yellow metal selling at Rs 57,550.

In Mumbai, the price of ten grams of 24-carat gold is in line with prices in Kolkata and Hyderabad, at Rs 62,780.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 62,930, Rs 62,780, and Rs 63,490, respectively.

The price of ten grams of 22-carat gold in Mumbai is at par with that in Kolkata and Hyderabad, at Rs 57,550.

In Delhi, Bengaluru, and Chennai, ten grams of 22-carat gold are selling at Rs 57,700, Rs 57,550, and Rs 58,200, respectively. 

US gold prices were set to mark their first weekly fall in four after the dollar firmed, but traded steadily on Friday as investors stayed cautious ahead of key jobs print due later in the day to gauge the potential for US rate cuts by March.

Spot gold edged up 0.2 per cent to $2,032.36 per ounce by 0215 GMT. Bullion, however, fell 1.8 per cent for the week so far.

US gold futures edged 0.1 per cent higher to $2,048.80.

Bullion scaled an all-time peak of $2,135.40 on Monday on elevated bets for a cut by the US Federal Reserve, before dropping more than $100 on uncertainty over the cut's timing.

Spot silver rose 0.2 per cent to $23.83 per ounce, while platinum gained 0.6 per cent to $912.31 and palladium inched 0.5 per cent higher to $974.25 per ounce.

In Delhi and Mumbai, one kilogram of silver is currently trading at Rs 77,200.

In Chennai, one kilogram of silver is trading at Rs 80,000.

(with inputs from Reuters)