Gold price climbs Rs 220 to Rs 63,270, silver rises Rs 300 to Rs 76,500

The price of 24-carat gold climbed Rs 220 in early trade on Wednesday, with ten grams of the precious metal selling at Rs 63,270, according to the GoodReturns website. The price of silver rose Rs 300, with one kilogram of the precious metal selling at Rs 76,500.

The price of 22-carat gold jumped Rs 200, with the yellow metal selling at Rs 58,000.

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 63,270.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 63,420, Rs 63,270, and Rs 63,930, respectively.

In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 58,000.

In Delhi, Bengaluru, and Chennai, ten grams of 22-carat gold are selling at Rs 58,150, Rs 58,000, and Rs 58,600, respectively.

US gold prices were on track for their first monthly decline in four as investors toned down their estimate of rapid and deeper rate cuts in the US on the face of a resilient economy, and awaited remarks from the Federal Reserve due later in the day.

Spot gold was flat at $2,035.09 per ounce by 0141 GMT today, after touching a two-week high of $2048.12 in the previous session. 

Spot silver fell 0.2 per cent lower to $23.12 per ounce, platinum was steady at $920.57, and palladium edged 0.1 per cent lower to $975.49. All three were also poised for a monthly decline.

In Delhi and Mumbai, one kilogram of silver is currently trading at Rs 76,500.

In Chennai, one kilogram of silver is trading at Rs 78,000.

(With inputs from Reuters)