 "Gold price climbs Rs 10 to Rs 71,630, silver rises Rs 100 to Rs 84,100")
Gold Price Today: The price of 24-carat gold climbed Rs 10 in early trade on Saturday, with ten grams of the precious metal trading at Rs 71,630, according to the GoodReturns website. The price of silver rose Rs 100, with one kilogram of the precious metal selling at Rs 84,100.
The price of 22-carat gold also inched up Rs 10, with ten grams of the yellow metal selling at Rs 65,660.
The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 71,630.
In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 71,780, Rs 71,630, and Rs 71,630, respectively.
In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 65,660.
In Delhi, Bengaluru, and Chennai, the price of ten grams of 22-carat gold stood at Rs 65,810, Rs 65,660, and Rs 65,660, respectively.
More From This Section
The price of one kilogram of silver in Delhi is in line with the price of silver in Mumbai and Kolkata at Rs 84,100.
The price of one kilogram of silver in Chennai stood at Rs 89,100.
US gold prices soared to an all-time high on Friday as the dollar weakened on growing expectations for an interest-rate cut from the Federal Reserve in September, and as tensions in the Middle East bolstered demand for bullion.
Spot gold was up 1.7 per cent to $2,498.72 per ounce by 02:27 p.m. EDT (1827 GMT), after hitting a record high of $2,500.99 earlier. US gold futures settled 1.8% higher at $2,537.80. Bullion rose 2.8 per cent this week.
The dollar index fell 0.4 per cent and posted a fourth week of losses, making gold more appealing for buyers overseas.
"Gold surged to a fresh all-time high and breached $2,500 after two weeks of extremely choppy trading as bulls finally impose their will," Tai Wong, a New York-based independent metals trader, said.
"Ongoing geopolitical strife and potential escalation that Iran could get involved, and the war in Ukraine, those factors all contribute to safe-haven demand for gold," said Everett Millman, chief market analyst with Gainesville Coins.
Bullion is considered a hedge against geopolitical and economic uncertainties and tends to thrive in a low-interest-rate environment.
Silver rose 1.4 per cent to $28.81 per ounce and platinum fell 0.2 per cent at $950.76. Palladium fell 0.1 per cent to $943.25.
(With inputs from Reuters)