Gold price climbs Rs 10 to Rs 70,100, silver rises Rs 100 to Rs 83,100 | Commodities

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

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

The price of one 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 stood at Rs 88,100.

US gold prices held steady on Friday after a sharp rise in the previous session, bolstered by a dip in US Treasury yields, as investors grew confident that the Federal Reserve would lower interest rates in September.

Spot gold was little changed at $2,427.73 per ounce as of 1826 GMT, after a 1.9 per cent rise on Thursday. US gold futures settled 0.4 per cent higher, at $2,473.4.

However, the bullion posted a 0.6 per cent fall this week. Prices fell as much as 3 per cent on Monday after investors liquidated positions in tandem with a broader equities sell-off.

“In the medium term, the outlook for gold remains positive, with any dips 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 per cent, to $27.44 per ounce and platinum fell 1.1 per cent, to $920.47. Both metals logged weekly losses.

Palladium fell 2.1 per cent, to $903.3, but posted a weekly gain.

(With inputs from Reuters)

First Published: Aug 10 2024 | 8:54 AM IST