Gold prices increase by Rs 160 to Rs 61,960/kg; silver rate up Rs 500

The price of 24-carat gold jumped Rs 160 in early trade on Thursday, with ten grams of the precious metal selling for Rs 61,960, according to the GoodReturns website. The price of silver saw an increase of Rs 500, with one kilogram of the precious metal selling at Rs 75,100.

The price of 22-carat gold also rose by Rs 150, with the yellow metal selling at Rs 56,800.

In Mumbai, the price of ten grams of 24-carat gold is in line with prices in Kolkata and Hyderabad, at Rs 61,960.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold differs, standing at Rs 62,110, Rs 61,960, and Rs 62,200, respectively.

The price of ten grams of 22-carat gold in Mumbai is at par with that in Kolkata and Hyderabad, at Rs 56,800.

In Delhi, Bengaluru, and Chennai, ten grams of 22-carat gold are selling at Rs 56,950, Rs 56,800, and Rs 57,000, respectively.

Gold prices flitted in a range-bound trade on Friday as traders weighed the repercussions of the Middle East conflict against expectations that US interest rates would stay higher for longer after the economy's upbeat performance last quarter.

Spot gold was steady at $1,984.69 per ounce by 0131 GMT. US gold futures were down 0.2 per cent at $1,994.30.

The US economy surged at the fastest growth pace in nearly two years in the third quarter, again defying dire warnings of a recession.

US Treasury Secretary Janet Yellen said US third-quarter economic growth of nearly 5 per cent was a good sign that the economy was headed for a soft landing, but could help keep longer-dated bond yields elevated.

Spot silver eased 0.1 per cent to $22.80, platinum rose 0.3 per cent to $902.72 and palladium fell 0.1 per cent to $1,132.11.

In Delhi and Mumbai, one kilogram of silver is currently trading at Rs 75,100.

In Chennai, one kilogram of silver is trading at Rs 78,000.

(With inputs from Reuters)