Gold prices climb Rs 10 to Rs 74,460, silver jumps Rs 100 to Rs 89,600 | Commodities

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

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

The price of one 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 stood at Rs 95,100.

US gold prices powered higher on Friday, beating record levels, as a boost in bullish momentum fuelled by optimism that the US Federal Reserve is on the brink of trimming interest rates was catalysed by fund inflows and a drop in the dollar.

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

US gold futures settled 1.2 per cxent higher to $2,610.70.

Gold market bulls are locking in bullion prices surging to fresh records, with a milestone of $3,000 per ounce coming into focus, fired up by monetary easing by major central banks and a tight US presidential election race.

The stars are aligned in favour of the gold and silver market bulls as the European Central Bank lowered its main interest rate this week, the Fed is likely to lower it next week and tame US inflation data, Jim Wyckoff, senior market analyst at Kitco Metals, said.

Palladium rose 2 per cent to $1,067.43 and has surged about 17 per cent so far this week.

Spot silver rose 2.3 per cent to $30.61 and platinum added 2.4 per cent to $1,000.57.

(with inputs from Reuters)

First Published: Sep 14 2024 | 8:47 AM IST