Gold price climbs Rs 10 to Rs 65,570, silver rises Rs 100 to Rs 75,100

The price of 24-carat gold appreciated Rs 10 in early trade on Friday, with ten grams of the precious metal trading at Rs 65,570, according to the GoodReturns website. The price of silver also climbed up by Rs 100, with one kilogram of the precious metal selling at Rs 75,100.

The price of 22-carat gold also jumped Rs 10 with the yellow metal selling at Rs 60,110.

The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 65,570.

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 65,720, Rs 65,570, and Rs 66,450, respectively.

In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 60,110.

In Delhi, Bengaluru, and Chennai, ten grams of 22-carat gold are selling at Rs 60,260, Rs 60,110, and Rs 60,910, respectively.

The price of silver in Delhi, Mumbai, and Kolkata are the same at Rs 75,100 per kilogram.

US gold prices on Friday were on track for their biggest weekly jump in five months, hovering near a record peak, as Federal Reserve Chair Jerome Powell's comments reinforced investor hopes for a first US rate cut in June.

Spot gold was steady at $2,159.49 per ounce, as of 0120 GMT, hovering around a record peak of $2,164.09 hit in the previous session.

Powell said the US central bank was "not far" from gaining the confidence it needs in falling inflation to begin cutting interest rates, which are likely to happen in the coming months.

Spot platinum fell 0.2 per cent to $917.25 per ounce, palladium rose 0.4 per cent to $1,037.82 and silver climbed 0.1 per cent to $24.34. All three metals were poised for a weekly gain.

(With inputs from Reuters)