Gold price rises Rs 330 to Rs 61,090, silver jumps Rs 800 to Rs 74,000

The price of 24-carat gold rose Rs 330 in early trade on Saturday, with ten grams of the precious metal selling for Rs 61,090, according to the GoodReturns website. The price of silver jumped Rs 800, with one kilogram of the precious metal selling at Rs 74,000.

The price of 22-carat gold rose Rs 300, with the yellow metal selling at Rs 56,000.

In Mumbai, the price of ten grams of 24-carat gold is in line with prices in Kolkata and Hyderabad, at Rs 61,090.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 61,240, Rs 61,090, and Rs 61,580, respectively.

The price of ten grams of 22-carat gold in Mumbai is at par with that in Kolkata and Hyderabad, at Rs 56,000.

In Delhi, Bengaluru, and Chennai, ten grams of 22-carat gold are selling at Rs 56,150, Rs 56,000, and Rs 56,450, respectively.  

US gold fell more than 1 per cent on Friday and was headed for a second straight weekly decline as safe-haven demand eased while the hawkish stance from Federal Reserve Chair Jerome Powell added to the downside.

Palladium tumbled to five-year lows below $1,000 an ounce, hastening a retreat triggered by expectations of surpluses due to the rapid spread of electric vehicles and automakers choosing cheaper platinum for their autocatalysts.

Spot gold dipped 1.1 per cent to $1,936.09 per ounce by 2:38 p.m. ET (1938 GMT) and was down 2.8 per cent in its worst week in six. US gold futures settled down 1.6 per cent at $1,937.70.

Silver fell 1.8 per cent to $22.21.

"A hawkish Powell is the main reason for gold's weakness this week. It is also undermined by investor risk appetite improving over the last few weeks," said Fawad Razaqzada, market analyst at City Index.

Bullion has lost around $70 since hitting levels above $2,000 last week on escalating tensions in the Middle East.

"Gold will continue to trade sideways to lower in the near term unless we see an escalation in geopolitical events, weak US economic report or if the Fed suggests it is done raising rates," said Jim Wyckoff, senior analyst at Kitco Metals.

A major festival boosted demand for physical gold in India, but purchases were reported to be slightly lower compared with last year as higher prices put off some customers. 

Platinum shed 2 per cent to $842.34, on track for its worst week since mid-2021. Palladium slipped 2.8 per cent to $964.25.

Both metals are used by car makers in devices to reduce engine emissions.

In Delhi and Mumbai, one kilogram of silver is currently trading at Rs 74,000.

In Chennai, one kilogram of silver is trading at Rs 77,000.

(With inputs from Reuters)