Gold price jumps Rs 440 to Rs 64,200, silver unchanged at Rs 80,500

The price of 24-carat gold jumped Rs 440 during early trade on Tuesday, with ten grams of the precious metal selling for Rs 64,200, according to the GoodReturns website. The price of silver was unchanged, with one kilogram of the precious metal selling at Rs 80,500.

The price of 22-carat gold rose Rs 400, with the yellow metal selling at Rs 58,850.

In Mumbai, the price of ten grams of 24-carat gold is in line with prices in Kolkata and Hyderabad, at Rs 64,200.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 64,350, Rs 64,200, and Rs 65,180, respectively.

The price of ten grams of 22-carat gold in Mumbai is at par with that in Kolkata and Hyderabad, at Rs 58,850.

In Delhi, Bengaluru, and Chennai, ten grams of 22-carat gold are selling at Rs 59,000, Rs 58,850, and Rs 59,750, respectively.  

US Gold prices rose on Tuesday, as the dollar and Treasury yields fell after traders slightly pared bets for an interest rate cut by the Federal Reserve in the first quarter of 2024.

Spot gold was up 0.8 per cent at $2,087.79 per ounce by 0145 GMT. Bullion had surged to an all-time high of $2,135.40 on Monday, before dropping over $100 in a single day to close 2 per cent lower.

US gold futures for February delivery rose nearly 1 per cent to $2,107.60.

Gold prices surged in the previous session as investors' confidence was elevated about a rate cut following Fed Chair Jerome Powell's comments on Friday.

Spot silver rose 0.3 per cent to $25.49 per ounce, palladium advanced 0.8% to $1,008.40 per ounce, while platinum edged down 0.2 per cent at $932.

In Delhi and Mumbai, one kilogram of silver is currently trading at Rs 80,500.

In Chennai, one kilogram of silver is trading at Rs 83,500.

(with inputs from Reuters)