Gold price rises by Rs 10 to Rs 70,100, silver rises by Rs 100 to Rs 83,100 | commodities

In Mumbai, the price of ten grams of 22 carat gold is at par with Kolkata and Hyderabad at Rs 64,260.

In Delhi, Bengaluru and Chennai, the price of ten grams of 22 carat gold was Rs 64,410, Rs 64,260 and Rs 64,260 respectively.

The price of a kilogram of silver in Delhi is in line with the price of silver in Mumbai and Kolkata at Rs 83,100.

The price of one kilogram of silver in Chennai was Rs 88,100.

US Gold Prices was steady on Friday after a sharp rise in the previous session, supported by a drop in US Treasury yields as investors grew confident that the Federal Reserve will cut interest rates in September.

Spot gold was little changed at $2,427.73 an ounce at 1826 GMT, after rising 1.9 percent on Thursday. U.S. gold futures settled 0.4 percent higher at $2,473.4.

However, bullion fell 0.6% this week. Prices fell as much as 3 percent on Monday as investors liquidated positions in tandem with a broader sell-off in stocks.

“In the medium term, the outlook for gold remains positive, with potential downside likely to be short-lived due to underlying macroeconomic factors,” said Zain Vawda, market analyst at MarketPulse by OANDA.

Spot silver was down 0.4% at $27.44 an ounce, and platinum was down 1.1% at $920.47. Both metals posted weekly losses.

Palladium fell 2.1% to $903.30 but posted a weekly gain.

(With contributions from Reuters)

First publication: August 10, 2024 | 8:54 AM IST