Gold prices surge Rs 330 to reach Rs 60,760, silver jumps Rs 30 per kg

Gold prices surged to Rs 330 per 10 grams from yesterday. On early Wednesday, 10 grams of 24-carat gold was trading at Rs 60,760, according to the GoodReturns website. Silver prices also registered an increase of Rs 30 per kg, with 1 kg of the precious metal selling at Rs 76,300. The price of ten grams of 22-carat gold increased by Rs 300 to reach Rs 55,700 per 10 grams.

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 60,760.

The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 60,910, Rs 60,810, and Rs 61,420, 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 55,700.

The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 55,850, Rs 55,750, and Rs 56,300, respectively.

The prospect of the Fed raising its benchmark interest rate only once more by 25 basis points is a useful starting point, said New York Fed President John Williams, while Chicago Fed President Austan Goolsbee said the central bank should be cautious about raising interest rates in the face of recent banking stress.

Gold shed nearly 1 per cent on Monday after strong U.S. jobs data on Friday raised the chances of a May rate hike to around 70 per cent.

The U.S. consumer price index (CPI) data on Wednesday could yield signs on how long the Fed would continue its campaign against inflation.

"Should CPI push higher and support monetary policy tightening after strong non-form payroll figures, real yields may turn higher thus increasing the opportunity cost of holding gold," DailyFX analyst Warren Venketas wrote in a note.

Central banks should not halt their fight against inflation because of financial stability risks, IMF chief economist Pierre-Olivier Gourinchas said.

Silver was up 0.8 per cent to $25.08 per ounce, platinum gained 0.6 per cent to $997.20 while palladium jumped 3 per cent to $1,454.17.

(With inputs from Reuters)