Gold price rises Rs 230 to Rs 63,230, silver climbs Rs 300 to Rs 79,500

The price of 24-carat gold rose Rs 230 during early trade on Saturday, with ten grams of the precious metal selling at Rs 63,230, according to the GoodReturns website. The price of silver climbed Rs 300 with one kilogram of the precious metal selling at Rs 79,500.

The price of 22-carat gold rose Rs 250 to Rs 58,000.

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 63,230.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 63,380, Rs 63,230, and Rs 63,550, respectively.

In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 58,000.

In Delhi, Bengaluru, and Chennai, ten grams of 22-carat gold is selling at Rs 58,100, Rs 58,000, and Rs 58,600, respectively. 

US gold scaled a more than two-week high on Friday, rising for a second week as the dollar and US Treasury yields slipped on rising expectations the Federal Reserve will cut interest rates early next year.

Spot gold was up 0.4 per cent at $2,052.69 per ounce as of 3:50 p.m. ET (20:50 GMT), its highest level since Dec. 4, putting it on course for a 1.7 per cent weekly gain.

US gold futures settled 0.9 per cent higher at $2,069.1.

Silver fell 1.2 per cent to $24.12 per ounce, after touching a two-week high earlier. Palladium was down 0.9 per cent at $1,202.46 after hitting its highest since Oct 2 earlier.

Platinum rose 0.7 per cent to $969.67, its highest since Sept 1. All three metals were on track for their second consecutive week of gains.

In Delhi and Mumbai, one kilogram of silver is currently trading at Rs 79,500.

In Chennai, one kilogram of silver is trading at Rs 81,000.

(with inputs from Reuters)