Gold price rises Rs 600 to Rs 61,800, silver surges Rs 1,600 to Rs 61,800

Gold price rose Rs 600 during Saturday's early trade with 10 grams of the yellow metal (24-carat) trading at Rs 61,800, according to the GoodReturns website. Silver prices surged Rs 1,600 with 1 kg of the precious metal selling at Rs 79,600.

The price of ten grams of 22-carat gold rose by Rs 550 to Rs 56,650.

The price of ten grams of 24-carat gold in Mumbai is at par with the price of gold in Kolkata and Hyderabad, at Rs 61,800.

The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 61,950, Rs 61,850, and Rs 62,500, respectively.

The price of ten grams of 22-carat gold in Mumbai is at par with the price of gold in Kolkata and Hyderabad, at Rs 56,650.

The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 56,800, Rs 56,700, and Rs 57,300, respectively.

US gold prices pulled back sharply on Friday after surging to a more than one-year peak in the last session, as the dollar bounced and a Federal Reserve official flagged the need for another interest rate hike.

Spot gold was down 1.8 per cent at $2,003.60 per ounce by 01:52 EDT (17:51 GMT). US gold futures settled 1.9 per cent lower at $2,015.80.

The dollar index bounced off a one-year low and Treasury yields rose after a key Fed official warned that the central bank needs to continue hiking rates to tame inflation.

Gold competes with the dollar as a safe haven amid economic or political turmoil, while gains in the US currency also dim appetite for bullion among overseas buyers.

(with inputs from Reuters)