Gold price rises Rs 380 to Rs 58,910, Silver jumps Rs 500 to Rs 72,600

The price of 24-carat gold rose Rs 380 in Friday's early trade, with ten grams of the precious metal selling at 

Rs 58,910, according to the GoodReturns website. Silver price jumped Rs 500 with 1 kg of the precious metal selling at Rs 72,600.  

The price of 22-carat gold rose Rs 350 with the yellow metal selling at Rs 54,000.

The price of ten grams of 24-carat gold in Mumbai is at par with the prices in Kolkata and Hyderabad at Rs 58,910.   

The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 59,060, Rs 58,910, and Rs 59,070, 

respectively. 

The price of ten grams of 22-carat gold in Mumbai is at par with that of gold in Kolkata and Hyderabad, at Rs 54,000.   

The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 54,150, Rs 54,000, and Rs 54,150, respectively.

US gold prices eased on Thursday as dollar and Treasury yields ticked higher after consumer prices rose more than expected in September and raised worries that the Federal Reserve could keep rates higher for some time.

Spot gold fell 0.3 per cent to $1,868.79 per ounce by 3:04 p.m. ET (1904 GMT), after hitting its highest level since Sept 27 earlier in the session. US gold futures settled 0.2% lower at $1,883.

Gold is used as a safe investment during times of political and financial uncertainty, but higher interest rates raise the opportunity cost of holding non-yielding bullion.

"There are still some signs that there is a slowdown in the US economy, this should benefit gold. I anticipate prices could trade in the $1,860-$1,920 range in the near term," said Edward Moya, senior market analyst at OANDA.

Elsewhere, spot silver lost 1.2 per cent to $21.79 per ounce, platinum fell 2.2 per cent to $865.87, while palladium dipped 2.9 per cent to $1,132.75.

One kg of silver is currently trading at 72,600 in Delhi and Mumbai.

One kg of silver in Chennai is currently trading at Rs 75,500.

(With inputs from Reuters)