Gold rallies to Rs 60,000, silver prices appreciate to reach Rs 77,600

The price of 24-carat gold registered a rise of Rs 330 during Thursday's early trade, with ten grams of the precious metal selling at Rs 60,000, according to the GoodReturns website. Silver prices also appreciated by Rs 500 per kg and reached Rs 77,600 per kg.

 

The price of 22-carat gold rose by Rs 300 per 10 gram, with the yellow metal selling at Rs 55,000 per kg.

 

The price of ten grams of 24-carat gold in Mumbai is at par with that in Kolkata and Hyderabad, at Rs 60,000.

 

The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 60,150, Rs 60,000, and Rs 60,330, 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 55,000.

 

Spot gold rose 0.4 per cent to $1,943.92 per ounce by 2:20 p.m. EDT (1820 GMT) after hitting its highest since Aug. 2 earlier in the session. U.S. gold futures settled 0.4 per cent higher to $1,973.00.

 

Benchmark 10-year yields dropped to their lowest since August 11, while the dollar slipped to a two-week low after U.S. GDP data showed a softening of the economy in the second quarter. A drop in U.S. job openings added to the sentiment.

 

Bets on the Fed leaving rates unchanged in September rose to nearly 91 per cent, from 88.5 per cent before the data, while bets of a pause in November rose to nearly 59 per cent from 52 per cent a day earlier, according to the CME Group's FedWatch tool.

 

(With inputs from Reuters)