The glittering dance of precious metals continued as the price of 24-carat gold saw a rise of Rs 120 in early trade on Saturday. Ten grams of this precious metal are now fetching Rs 62,950, as reported by the GoodReturns website. Meanwhile, the price of silver remained steady at Rs 76,000 per kilogram.
In the world of 22-carat gold, a similar trend was observed with a Rs 100 increase, placing the value of ten grams at Rs 57,700. The rates in Mumbai were consistent with those in Kolkata and Hyderabad.
Across major cities in India, the price of ten grams of 24-carat gold stood at Rs 63,100 in Delhi, Rs 62,950 in Bengaluru, and Rs 63,490 in Chennai. Similarly, in the realm of 22-carat gold, the rates were Rs 57,850 in Delhi, Rs 57,700 in Bengaluru, and Rs 58,200 in Chennai.
In the global market, US gold prices experienced a surge, reaching a one-week peak on Friday. The ongoing conflict in the Middle East intensified safe-haven buying, and the prospect of a Federal Reserve interest rate cut, fueled by softer US producer price inflation, further contributed to the rise.
As of 2:24 p.m. ET (1924 GMT), spot gold exhibited a 1% increase, reaching $2,048.21 per ounce, after hitting a session high of 1.7%. Despite being mostly flat for the week, gold extended its presence above the $2,000 level for nearly a month. US gold futures settled 1.6% higher at $2,051.60 per ounce.
Gold, known for its status as a safe haven, tends to thrive during periods of uncertainty, and the allure of the zero-yield asset is enhanced during times of lower interest rates.
Simultaneously, spot silver witnessed a 1.9% increase, reaching $23.20 per ounce. However, other precious metals experienced some fluctuations, with platinum losing 0.5% to $910.49, and palladium dropping 1.3% to $975.51, marking its third consecutive week of decline.
Back on the domestic front, both Delhi and Mumbai witnessed one kilogram of silver trading at Rs 76,000. As the market continues to dance to the tune of global events, the precious metals sector remains an area of focus for investors seeking stability amid uncertainties.