Gold prices rise by Rs 10 to Rs 74,460, silver rises by Rs 100 to Rs 89,600 | commodities

In Mumbai, the price of ten grams of 22 carat gold is at par with Kolkata and Hyderabad at Rs 68,260.

In Delhi, Bengaluru and Chennai, the price of ten grams of 22 carat gold was Rs 68,410, Rs 68,260 and Rs 68,260 respectively.

The price of a kilogram of silver in Delhi is in line with the price of silver in Kolkata and Mumbai at 89,600.

The price of one kilogram of silver in Chennai was Rs 95,100.

US Gold Prices rose to record highs on Friday as a surge in bullish momentum fueled by optimism that the US Federal Reserve is on the verge of cutting interest rates was catalyzed by funds inflows and a weaker dollar.

Spot gold was trading at record highs, up 0.9 percent at $2,582.04 an ounce by 1:45 p.m. ET (1745 GMT).

US gold futures settled 1.2% higher at $2,610.70.

Bullion in the gold market is stalling as bullion prices surge to new records, with a $3,000 an ounce milestone in focus, boosted by monetary easing by major central banks and a tight US presidential election race.

The stars are aligned for gold and silver bulls as the European Central Bank cut its key interest rate this week, the Fed is likely to cut it next week and tame US inflation data, Jim Wyckoff, chief market analyst at Kitco Metals. , he said.

Palladium rose 2% to $1,067.43 and is up about 17% so far this week.

Spot silver was up 2.3% at $30.61 and platinum was up 2.4% at $1,000.57.

(with contributions from Reuters)

First publication: September 14, 2024 | 8:47 AM IST