Gold price climbs Rs 10 to Rs 73,760, silver rises Rs 100 to Rs 96,100

Gold Price Today: The price of 24-carat gold climbed Rs 10 in early trade on Saturday, with ten grams of the precious metal selling at Rs 73,760, according to the GoodReturns website. The price of silver rose Rs 100, with one kilogram of the precious metal selling at Rs 96,100.

The price of 22-carat gold rose Rs 10, with the yellow metal selling at Rs 67,610.

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 73,760.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 73,910, Rs 73,760, and Rs 74,630, respectively.

In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 67,610.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 22-carat gold stood at Rs 67,760, Rs 67,610, and Rs 68,410, respectively.

The price of silver in Mumbai, Delhi and Kolkata was the same at Rs 96,100.

The price of 1 kg of silver in Chennai stood at Rs 1,00,600.

US gold accelerated declines on Friday after a stronger-than-expected US jobs report doused expectations for interest rate cuts this year, adding to bearish sentiment driven by data showing top consumer China held off on bullion purchases in May.

Spot gold dipped about 3 per cent to $2,304.54 per ounce as of 1757 GMT. US gold futures settled 2.8 per cent lower to $2,325.

Gold fell nearly 1 per cent so far this week, marking its third straight weekly fall.

Caught in gold's slipstream, silver shed 6.6 per cent to $29.25 per ounce, platinum fell over 3.6 per cent at $967.05 and palladium lost 2.2 per cent to $909.06.

The gold market is seeing a bit of liquidation, along with other metals since the data shows the US economy is quite robust and the Fed may delay that first cut, said Phillip Streible, chief market strategist at Blue Line Futures.

Higher rates increase the opportunity cost of holding non-yielding bullion.

(With inputs from Reuters)