Gold price rises Rs 260 to Rs 61,360; silver falls Rs 450 to Rs 74,050

Gold price rose Rs 260 in Thursday's early trade with 10 grams of the yellow metal (24-carat) trading at Rs 61,360, according to the GoodReturns website. Silver price witnessed a fall of Rs 450, with 1 kg of the precious metal selling at Rs 74,050.

The price of ten grams of 22-carat gold rose Rs 250 to Rs 56,250.

The price of ten grams of 24-carat gold in Mumbai is at par with the price of gold in Kolkata and Hyderabad, at Rs 61,360.

The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 61,510, Rs 61,410, and Rs 61,800, respectively.

The price of ten grams of 22-carat gold in Mumbai is at par with the price of gold in Kolkata and Hyderabad, at Rs 56,250.

The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 56,400, Rs 56,300, and Rs 56,650, respectively.
 

US gold prices held steady on Thursday after minutes from the Federal Reserve's last meeting signalled a likely pause in the rate-hike campaign in June, while debt ceiling negotiations kept investors on the edge.
 

Spot gold was flat at $1,957.69 per ounce by 0034 GMT. US gold futures were down 0.2 per cent at $1,960.10.

Fed officials "generally agreed" last month that the need for further interest rate increases "had become less certain," with several saying that the quarter-percentage-point hike they approved might be the last, according to minutes of the May 2-3 meeting released on Wednesday.
 

Fed governor Christopher Waller said that while skipping an interest rate hike at the meeting next month may be possible, an end to the hiking campaign isn't likely.

Expectations for another 25-basis-point hike at the Fed's next meeting are currently at 33.6 per cent according to CME's FedWatch Tool.

Negotiators for Democratic President Joe Biden and top congressional Republican Kevin McCarthy held what both sides called productive talks on Wednesday to try to reach a deal to raise the United States' $31.4 trillion debt ceiling and avoid a catastrophic default.

The price of 1 kg of silver in Bengaluru, Chennai, and Hyderabad is Rs 77,500.

The price of 1 kg of silver in Delhi and Mumbai is Rs 74,050.

Spot silver fell 0.3 per cent to $23.03 per ounce, platinum rose 0.1 per cent to $1,024.26. Palladium steady at $1,416.19.

(With inputs from Reuters)