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The price of 24-carat gold rose Rs 1,090 during early trade on Friday, with ten grams of the precious metal selling at Rs 62,890, according to the GoodReturns website. The price of silver climbed Rs 2,500 with one kilogram of the precious metal selling at Rs 77,500.
The price of 22-carat gold rose Rs 1,000, with the yellow metal selling at Rs 57,650.
In Mumbai, the price of ten grams of 24-carat gold is in line with prices in Kolkata and Hyderabad, at Rs 62,890.
In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 63,040, Rs 62,890, and Rs 63,490, respectively.
The price of ten grams of 22-carat gold in Mumbai is at par with that in Kolkata and Hyderabad, at Rs 57,650.
In Delhi, Bengaluru, and Chennai, ten grams of 22-carat gold are selling at Rs 57,800, Rs 57,650, and Rs 58,200, respectively.
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US Gold prices inched down on Friday but stayed on track for a weekly gain, as prospects of the Federal Reserve lowering borrowing costs dented the dollar and Treasury yields, boosting demand for the safe-haven asset. The Fed left interest rates unchanged on Wednesday and Chair Jerome Powell said the historic tightening of monetary policy is likely over, with a discussion of cuts in borrowing costs coming "into view".
Spot gold was down 0.1 per cent at $2,033.29 per ounce, as of 0113 GMT. However, bullion has risen 1.5 per cent so far this week. US gold futures settled 1.6 per cent lower at $2,014.50.
Spot silver eased 0.3 per cent to $24.07 per ounce, while platinum fell 0.2 per cent to $956.21 and palladium slipped 0.4 per cent to $1,098.13.
In Delhi and Mumbai, one kilogram of silver is currently trading at Rs 77,500.
In Chennai, one kilogram of silver is trading at Rs 79,000.
(with inputs from Reuters)
