Gold price rises Rs 220 to Rs 59,670, silver jumps Rs 500 to Rs 74,000

Gold price rises Rs 220 to Rs 59,670, silver jumps Rs 500 to Rs 74,000

The price of 24-carat gold rose Rs 220 during Saturday's early trade, with ten grams of the precious metal selling at Rs 59,670, according to the GoodReturns website. Silver jumped Rs 500 with 1 kg of the precious metal selling at Rs 74,000.

The price of 22-carat gold rose Rs 200, with the yellow metal selling at Rs 54,700.

The price of ten grams of 24-carat gold in Mumbai is at par with that in Kolkata and Hyderabad, at Rs 59,670.

The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 59,820, Rs 59,670, and Rs 60,000, respectively.

The price of ten grams of 22-carat gold in Mumbai is at par with that of gold in Kolkata and Hyderabad, at Rs 54,700.

The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 54,850, Rs 54,700, and Rs 55,000, respectively.

US gold jumped 1 per cent on Friday, helped by a weaker dollar and safe-haven buying after United Auto Workers union kicked of strikes at three automakers in Detroit, while hopes around a likely pause in US interest-rate hikes lent further support.

Spot gold was up 0.7 per cent at $1,924.27 per ounce by 1:56 p.m. EDT (1756 GMT). Bullion has risen 0.3 per cent so far this week.

US gold futures settled 0.7 per cent higher at $1,946.2 per ounce.

Elsewhere, silver rose 1.9 per cent to $23.07 per ounce, platinum gained 2.2 per cent to $926.55 and palladium eased 0.3 per cent at $1,247.35. All three metals were heading for weekly gains.

One kg of silver is currently trading at 74,000 in Delhi and Mumbai.

One kg of silver in Chennai is currently trading at Rs 77,500.