 "Gold")
The price of 24-carat gold jumped Rs 330 during Wednesday's early trade, with ten grams of the precious metal selling at Rs 58,530, according to the GoodReturns website. The price of silver, on the other hand, remained unchanged with one kilogram of precious metal selling at Rs 72,600.
The price of 22-carat gold was up Rs 300 at Rs 53,650.
The price of ten grams of 24-carat gold in Mumbai is at par with the prices in Kolkata and Hyderabad at Rs 58,530.
The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 58,680, Rs 58,530, and Rs 58,690, respectively.
The price of ten grams of 22-carat gold in Mumbai is at par with that of gold in Kolkata and Hyderabad, at Rs 53,650.
The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 53,800, Rs 53,650, and Rs 53,800, respectively.
US gold prices held near their highest levels in more than a week on Wednesday as comments from Federal Reserve officials suggested that a recent surge in Treasury yields might reduce the need for more rate hikes, sending the dollar lower.
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Spot gold was up 0.1 per cent at $1,860.97 per ounce by 0136 GMT, having hit its highest level since Sept 29 on Tuesday. US gold futures held their ground at $1,874.50.
With US inflation down from its peak, the risk of raising interest rates too little no longer far outweighs the risk of raising rates too much, San Francisco Fed President Mary Daly said.
Higher rates raise the opportunity cost of holding gold, which is priced in dollars and does not yield any interest.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell on Tuesday.
Elsewhere, spot silver rose 0.1 per cent to $21.84 per ounce.
One kg of silver is currently trading at 72,600 in Delhi and Mumbai.
One kg of silver in Chennai is currently trading at Rs 75,500.
(With inputs from Reuters)
