Gold prices rise by Rs 240 to Rs 61,690/kg; silver falls by Rs 500

The price of 24-carat gold jumped Rs 240 in early trade on Wednesday, with ten grams of the precious metal selling for Rs 61,690, according to the GoodReturns website. The price of silver fell by Rs 500, with one kilogram of the precious metal selling at Rs 74,600.

The price of 22-carat gold also rose by Rs 200, with the yellow metal selling at Rs 56,550.

In Mumbai, the price of ten grams of 24-carat gold is in line with prices in Kolkata and Hyderabad, at Rs 61,690.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold differs, standing at Rs 61,840, Rs 61,690, and Rs 61,910, respectively.

The price of ten grams of 22-carat gold in Mumbai is at par with that in Kolkata and Hyderabad, at Rs 56,550.

In Delhi, Bengaluru, and Chennai, ten grams of 22-carat gold are selling at Rs 56,700, Rs 56,550, and Rs 56,750, respectively.

Gold prices climbed on Wednesday on softer US Treasury yields, but lacked impetus to move higher as bullion's safe-haven demand showed signs of fatigue after global leaders sought to prevent the Israel-Hamas war from spreading.

Spot gold gained 0.2 per cent to $1,974.29 per ounce by 0104 GMT, having declined in the previous two sessions and trading below five-month highs hit last week. US gold futures were steady at $1,985.40.

Investors are keeping a close watch on the war in the Middle East as world leaders pushed for either a pause or ceasefire in fighting between Israel and Hamas in the Gaza Strip so that humanitarian aid could be delivered to besieged Palestinian civilians.

Spot silver rose 0.3 per cent to $23 an ounce, platinum added 0.2 per cent to $886.08 and palladium advanced 0.7 per cent to $1,127.52.

In Delhi and Mumbai, one kilogram of silver is currently trading at Rs 74,600.

In Chennai, one kilogram of silver is trading at Rs 78,000.

(With inputs from Reuters)