Gold price rises Rs 550 to Rs 57,860; silver up by Rs 200 at Rs 69,200

Gold prices rose by Rs 550 in Friday's early trade with ten grams of 24 carat gold selling at Rs 57,860, according to the GoodReturns website. Silver prices were up Rs 200 per kg with the precious metal trading at Rs 69,200.

The price of ten grams of 22 carat gold rose by Rs 500 to Rs 53,550.

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 53,550.

The price of ten grams of 22 carat gold in Delhi, Bengaluru, and Chennai is Rs 53,700, Rs 53,600, and Rs 54,250, respectively.

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 58,420.

The price of ten grams of 24 carat gold in Delhi, Bengaluru, and Chennai is Rs 58,570, Rs 58,470, and Rs 59,180, respectively.

US gold prices ticked up on Friday and were on course for a third consecutive weekly rise as the global banking crisis sent investors flocking to the safe-haven metal.

Spot gold was up 0.1 per cent at $1,920.19 per ounce, as of 0033 GMT. US gold futures rose 0.1 per cent to $1,925.50.

Bullion is set to rise about 2.8 per cent this week so far.

(With inputs from Reuters)