Gold price rises Rs 220 to Rs 58,200, silver jumps Rs 500 to Rs 72,600
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The price of 24-carat gold rose Rs 220 during Tuesday's early trade, with ten grams of the precious metal selling at Rs 58,200, according to the GoodReturns website. Silver price jumped Rs 500 with 1 kg of the precious metal selling at Rs 72,600.
The price of 22-carat gold went up by Rs 200, with the yellow metal selling at Rs 53,350.
The price of ten grams of 24-carat gold in Mumbai is at par with the prices in Kolkata and Hyderabad at Rs 58,200.
The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 58,350, Rs 58,200, and Rs 58,530, 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 53,350.
The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 53,500, Rs 53,500, and Rs 53,650, respectively.
US gold prices hit a more than one-week high on Tuesday, a day after posting sharp gains on increased market uncertainty due to the Middle East conflict as dovish remarks from top US Federal Reserve officials weighed on the dollar and bond yields.
pot gold rose 0.2 per cent to $1,864.39 per ounce by 0117 GMT, earlier hitting its highest since Sept. 29. US gold futures climbed 0.8 per cent to $1,878.20.
Gold prices closed about 1.6 per cent higher on Monday, its biggest one-day jump in five months, as military clashes between Israel and Palestinian Islamist group Hamas raised fears that a wider conflict could affect oil supply from the Middle East and boosted demand for safe-haven assets such as gold.
The conflict is threatening more volatility for investors, adding to uncertainty ahead of corporate earnings season and crucial US inflation data later in the week.
Gold is traditionally seen as a safe-haven investment during times of economic uncertainty, but as it yields no interest, it tends to lose its attraction when interest rates rise.
Among other metals, spot silver gained 0.2 per cent to $21.94 per ounce, platinum rose 0.4 per cent to $889.53 and palladium climbed 1.3 per cent to $1,154.34.
One kg of silver is currently trading at 72,600 in Delhi and Mumbai.
One kg of silver in Chennai is currently trading at Rs 75,500.
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