Gold price rises Rs 120 to Rs 62,950, silver unchanged at Rs 76,000

The price of 24-carat gold rose Rs 120 in early trade on Saturday, with ten grams of the precious metal selling at Rs 62,950, according to the GoodReturns website. The price of silver was unchanged, with one kilogram of the precious metal selling at Rs 76,000.

The price of 22-carat gold rose Rs 100, with the yellow metal selling at Rs 57,700.

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 62,950.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 63,100, Rs 62,950, and Rs 63,490, respectively.

In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 57,700.

In Delhi, Bengaluru, and Chennai, ten grams of 22-carat gold are selling at Rs 57,850, Rs 57,700, and Rs 58,200, respectively. 

US gold prices scaled a one-week peak on Friday as an escalation in the Middle East conflict fuelled safe-haven buying, while softer US producer price inflation boosted bets that the Federal Reserve might cut interest rates sooner.

Spot gold was up 1 per cent at $2,048.21 per ounce at 2:24 p.m. ET (1924 GMT), after climbing as much as 1.7 per cent earlier in the session.

Bullion was mostly flat on the week, but extended its run above the $2,000 level to nearly a month. US gold futures settled 1.6 per cent higher at $2,051.60.

Considered a safe haven, gold tends to gain during times of uncertainty, while lower interest rates also lift the appeal of the zero-yield asset.

Spot silver rose 1.9 per cent to $23.20 per ounce.

Platinum lost 0.5 per cent to $910.49, down for the second straight week. Palladium was down 1.3 per cent to $975.51, falling for the third consecutive week.

In Delhi and Mumbai, one kilogram of silver is currently trading at Rs 76,000.

In Chennai, one kilogram of silver is trading at Rs 77,500.

(with inputs from Reuters)