Gold price rises by Rs 10 to Rs 77,460, silver rises by Rs 100 to Rs 96,100 | commodities

In Delhi, Bengaluru and Chennai, the price of ten grams of 24 carat gold was Rs 77,610, Rs 77,460 and Rs 77,460 respectively.

In Mumbai, the price of ten grams of 22 carat gold is at par with Kolkata and Hyderabad at Rs 71,010.

In Delhi, Bengaluru and Chennai, the price of ten grams of 22 carat gold was Rs 71,160, Rs 71,010 and Rs 71,010 respectively.

The price of one kilogram of silver in Delhi is in line with the prices in Kolkata and Mumbai at Rs 96,100.

The price of one kilogram of silver in Chennai was Rs 1,02,100.

US Gold Prices were heading for their best quarter in eight years on Friday after hitting a series of record highs in recent sessions as the start of US monetary easing boosted the appeal of non-yielding bullion.

Spot gold was down 1 percent at $2,643.88 an ounce by 1742 GMT after hitting a four-session all-time high. The market hit an all-time high of $2,685.42 on Thursday.

U.S. gold futures were down 0.9 percent at $2,668.1. The precious metal, a traditional hedge against geopolitical and economic uncertainty, gained about 14% this quarter, its strongest first-quarter performance since 2016, and is up about 28% this year, its most in 14 years.

With bets on more interest rate cuts to come, following last week’s half-percentage point cut by the Federal Reserve, speculative demand for the metal has driven gold to technical “oversold” levels. Even so, some banks expect prices could rise as high as $3,000.

Silver prices rose, benefiting from a spillover impact from gold, although some analysts warned that the rise could fade.

Spot silver fell 1.8 percent to $31.46 an ounce after hitting its highest level since December 2012 at $32.71 on Thursday.

Platinum fell 0.4% to $1,003.57, while palladium fell 3.7% to $1,008.82.

(with contributions from Reuters)

First publication: September 28, 2024 | 8:03 AM IST