Gold price climbs Rs 10 to Rs 66,120, silver rises Rs 100 to Rs 77,100

The price of 24-carat gold climbed Rs 10 in early trade on Friday, with ten grams of the yellow metal trading at Rs 66,120, according to the GoodReturns website. The price of silver rose Rs 100, with one kilogram of the precious metal selling at Rs 77,100.

The price of 22-carat gold also inched up Rs 10 with the precious metal selling at Rs 60,610.

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 66,120.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 66,270, Rs 66,120, and Rs 66,940, respectively.

In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 60,610.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 22-carat gold stood at Rs 60,760, 60,610, and 61,360, respectively.

US gold prices were headed on Friday for their first weekly fall in four as surprisingly hot US inflation readings suggested that the Federal Reserve could reduce the number of rate cuts this year and may push the first cut beyond June.

Spot gold was up 0.1 per cent at $2,162.66 per ounce, as of 0144 GMT, but on track to post a weekly fall of more than 0.5 per cent, its first since mid-February.

US gold futures were steady at $2,167.00.

Spot platinum fell 0.2 per cent to $926.10 per ounce, palladium dropped 1 per cent to $1,058.53, while silver was up 0.4 per cent at $24.93. All three metals were poised to clock a weekly gain.

The price of one kilogram of silver in Delhi, Mumbai, and Kolkata stood at Rs 77,100.

One kilogram of silver in Chennai was trading at Rs 80,100.

(with inputs from Reuters)