Gold price climbs ₹10 to ₹1,57,160; silver up ₹100, trading at ₹3,40,100

Gold Price Today: The price of 24-carat gold climbed ₹10 in early trade on Saturday, with ten grams of the precious metal trading at ₹1,57,160, according to the GoodReturns website. The price of silver also rose by ₹100, with one kilogram of the precious metal selling at ₹3,40,100.

 

The price of 22-carat gold increased by ₹10, with ten grams of the yellow metal selling at ₹1,44,060.

 

The price of ten grams of 24-carat gold stood at ₹1,57,160 in Mumbai and Kolkata, and ₹1,58,740 in Chennai.

 

In Delhi, the price of ten grams of 24-carat gold stood at ₹1,57,310.

  

In Mumbai, the price of ten grams of 22-carat gold was ₹1,44,060, the same as in Kolkata, Bengaluru, Hyderabad, and ₹1,45,510 in Chennai. 

             

In Delhi, the price of ten grams of 22-carat gold stood at ₹1,44,210.

                    

The price of one kilogram of silver in Delhi, Kolkata, and Mumbai stood at ₹3,40,100.

   

The price of one kilogram of silver in Chennai stood at ₹3,45,100.

 

US silver prices rose above $100 an ounce for the first time on Friday, while gold hit another record en route to $5,000/oz ‍as investors pile into safe-haven assets ​amid geopolitical turmoil and on expectations for US interest rate cuts.

 

Spot silver jumped 5 per cent to $100.94 an ounce by 1848 GMT.

 

The white metal has surged ​more than 200 per cent in the past year, also driven by ongoing challenges in scaling up refining of the metal and a persistent supply shortage in the market.

 

Spot gold was 0.6 per cent higher at $4,964.81 an ounce, after touching a record of $4,988.17 earlier. US gold futures for February delivery settled 1.4 per cent higher at $4979.70.   

As a non-yielding asset, gold is often favoured ​during periods of low interest rates.

 

Gold hit significant milestones like $3,000/oz and $4,000/oz for the first time last year in March and October respectively, fuelled by US interest rate cuts and conflicts around the world. 

Platinum hit a record high of $2,771.10 an ounce and was last ‍up ‌4.4 per cent at $2,744.40.

 

This metal is ​attracting investor demand as a cheaper alternative to gold, ‍HSBC said, adding that it expected a structural deficit in this market to widen to 1.2 ‍million ‍ounces this year.

 

Palladium, meanwhile, ‌jumped by 4.1 per cent to $1,999.64.

 

(with inputs from Reuters)