Gold price rises Rs 110 to Rs 63,000, silver climbs Rs 1,000 to Rs 78,700

The price of 24-carat gold rose marginally by Rs 110 during early trade on Saturday, with ten grams of the precious metal selling at Rs 63,000, according to the GoodReturns website. The price of silver climbed Rs 1,000 with one kilogram of the precious metal selling at Rs 78,500.

The price of 22-carat gold rose Rs 100, with the yellow metal selling at Rs 57,750.

In Mumbai, the price of ten grams of 24-carat gold is in line with prices in Kolkata and Hyderabad, at Rs 63,000.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 63,150, Rs 63,000, and Rs 63,600, respectively.

The price of ten grams of 22-carat gold in Mumbai is at par with that in Kolkata and Hyderabad, at Rs 57,750.

In Delhi, Bengaluru, and Chennai, ten grams of 22-carat gold are selling at Rs 57,900, Rs 57,750, and Rs 58,300, respectively. 

US gold prices fell on Friday, but eked out a weekly rise as the Federal Reserve shifted to a dovish stance and projected lower interest rates next year.

Spot gold fell 0.8 per cent to $2,019.91 per ounce by 3:33 p.m. ET (2033 GMT) but gained 0.8 per cent for the week. US gold futures settled 0.4 per cent lower at $2,035.70.

"The gold market will continue to mirror what the expectations from the Fed are," said Everett Millman, chief market analyst at Gainesville Coins.

"If the US economy does not improve early in 2024 then that's a very strong sign that gold will continue to push near an all-time high."

Silver fell 1.3 per cent to $23.83 per ounce, and platinum fell 1.8 per cent to $940.75. Both were set for weekly gains.

In Delhi and Mumbai, one kilogram of silver is currently trading at Rs 78,500.

In Chennai, one kilogram of silver is trading at Rs 80,500.

(with inputs from Reuters)