Gold price climbs Rs 10 to Rs 78,830, silver falls Rs 100 to Rs 91,900

Gold Price Today: The price of 24-carat gold climbed Rs 10 in early trade on Saturday, with ten grams of the precious metal trading at Rs 78,830 according to the GoodReturns website. The price of silver fell Rs 100, with one kilogram of the precious metal selling at Rs 91,900.

 

The price of 22-carat gold also rose Rs 10, with ten grams of the yellow metal selling at Rs 72,260.

 

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata, Bengaluru, Chennai and Hyderabad at Rs 78,830.

 

In Delhi, the price of ten grams of 24-carat gold stood at Rs 78,980.

 

 

In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata, Bengaluru, Chennai and Hyderabad, at Rs 72,260.

 

In Delhi, the price of ten grams of 22-carat gold stood at Rs 72,410.

 

The price of one kilogram of silver in Delhi is in line with prices in Mumbai, and Kolkata at Rs 91,900. 

 

The price of one kilogram of silver in Chennai stood at Rs 1,00,900.

 

US gold prices breached the $2,700 threshold for the first time in over two weeks on Friday, on track for their biggest weekly gain in nearly two years, as safe-haven demand outweighed dollar strength and lower expectations of a US rate cut next month.

 

Spot gold surged 1.5 per cent at $2,709.24 per ounce by 01:51 p.m. ET (1851 GMT), marking its highest since Nov 6. US gold futures settled 1.4 per cent higher at $2,712.20.

 

Bullion has gained over 5.7 per cent this week, poised for its best weekly performance since March 2023, when a wave of banking crises roiled global markets and boosted demand for safer assets.

 

Gold's surge this week has been propelled by the intensifying Russia-Ukraine crisis, lifting prices more than $170 from last Thursday's two-month low of $2536.71.

 

Bullion tends to shine during periods of geopolitical tension, economic risks, and in a low interest rate environment.

 

Gold's rise continued on Friday even as the US dollar hit a two-year high and bitcoin reached an all-time peak.

 

Spot silver rose 1.5 per cent to $31.24 per ounce, palladium fell 1.4 per cent to $1,015.00, while platinum gained 0.6 per cent to $964.36. All three metals were on track for a weekly rise.

 

(With inputs from Reuters)