Gold price climbs Rs 10 to Rs 75,170, silver up Rs 100 at Rs 96,600

Gold Price Today: The price of 24-carat gold went up by Rs 10 in early trade on Tuesday, with ten grams of the precious metal trading at Rs 75,170, according to the GoodReturns website. The price of silver also appreciated by Rs 100, with one kilogram of the precious metal selling at Rs 96,600.

The price of 22-carat gold also went up Rs 10, with the yellow metal selling at Rs 68,910.

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 75,170.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 75,320, Rs 75,170, and Rs 75,290, respectively.

In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 68,910.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 22-carat gold stood at Rs 69,060, Rs 68,910, and Rs 69,010, respectively.

US Gold prices inched up on Tuesday, hovering near a record peak hit in the previous session as recent economic data boosted bets that the US Federal Reserve would start cutting interest rates later this year.

Data showed that US consumer prices increased less than expected in April, suggesting that inflation resumed its downward trend, boosting expectations for a September rate cut. However, Fed officials are not ready to say inflation is heading to the U.S. central bank's 2 per cent target despite last week's cooling data, with several calling for continued policy caution.

Spot gold was up 0.1 per cent at $2,428.14 per ounce, as of 0110 GMT. Bullion hit a record high of 2,449.89 on Monday.

Spot silver rose 1.3 per cent at $32.25 per ounce, platinum was down 0.1 per cent at $1,045.80 and palladium lost 0.4 per cent to $1,023.25.

(With inputs from Reuters)