The GoodReturns website said gold prices rose by 270 rupees in early trading on Saturday, with 10 grams of 24-carat gold selling for 58,690 rupees. The price of silver rose by 600 rupees per kg, while the precious metal traded at 69,800 rupees.
The price of 10 grams of 22 carat gold rose by 250 rupees to 53,800 rupees.
The price of 10 grams of 22 carat gold in Mumbai is comparable to the price of gold in Kolkata and Hyderabad at Rs 53,800.
The prices of 10 grams of 22 carat gold in Delhi, Bangalore and Chennai are Rs 53,950, Rs 53,850 and Rs 54,500 respectively.
The price of 10 grams of 24 carat gold in Mumbai is comparable to the price of gold in Kolkata and Hyderabad at Rs 58,690.
The prices of 10 grams of 24 carat gold in Delhi, Bangalore and Chennai are Rs 58,840, Rs 58,740 and Rs 59,450 respectively.
U.S. gold prices surged more than 2% on Friday as a wave of financial crises rocked global markets and bullion set itself on track for its biggest weekly gain in three years, but more fell in the fight against inflation. A bet on an unaggressive Federal Reserve has solidified.
Physical gold rose 2.8% to $1,971.95 an ounce by 1:47 pm ET (1747 GMT), the highest since April 2022.
US gold futures rose 2.6% to settle at $1,973.50.
“Gold has surged on fears of more bad banking news over the weekend, prompting the Fed to pause rate hikes next week,” said Tai Wong, an independent metals trader based in New York. I am looking forward to it,” he said.
The collapse of the US Bank of Silicon Valley has highlighted the vulnerability of banks to a sharp rise in interest rates, while the crash of Credit Suisse stocks has fueled market turmoil.
Lukman Otunuga, Senior Research Analyst at FXTM, said: “Gold is likely to shine amidst the chaos as investors remain cautious.
(including information from Reuters)