Gold price rises Rs 170 to Rs 63,440, silver declines Rs 200 to Rs 76,300

The price of 24-carat gold rose Rs 170 in early trade on Friday, with ten grams of the precious metal selling at Rs 63,440, according to the GoodReturns website. The price of silver, on the other hand, declined Rs 200, with one kilogram of the precious metal selling at Rs 76,300.

The price of 22-carat climbed Rs 150, with the yellow metal selling at Rs 57,150.

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 63,440.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 63,590, Rs 63,440, and Rs 63,150, respectively.

In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 58,150.

In Delhi, Bengaluru, and Chennai, ten grams of 22-carat gold are selling at Rs 58,300, Rs 57,150, and Rs 58,800, respectively.

On Friday, US gold prices were set for their best week in seven, as the dollar and Treasury yields retreated. Traders on the other hand awaited key US jobs numbers due later in the day to gauge timing on when the Federal Reserve could start cutting interest rates. The Feds pushed back on the idea of an interest rate cut in March, but expressed confidence in inflation moving towards the desired 2 per cent range, while doing away with a long-standing reference to possible further hikes.

Spot gold was flat at $2,053.09 per ounce by 0211 GMT. Still, the contract has climbed 1.8 per cent so far this week, set for its best weekly gain since late-December, if gains hold.

Spot silver fell 0.3 per cent to $23.10 per ounce, platinum shed 0.5 per cent to $908.55, while palladium edged 0.1 per cent higher to $962.91.

In Delhi and Mumbai, one kilogram of silver is currently trading at Rs 76,300. 

In Chennai, one kilogram of silver is trading at Rs 77,800.

(With inputs from Reuters)