The price of 24-carat gold saw a modest increase of Rs 110, reaching Rs 63,000 for ten grams, according to reports from the GoodReturns website. Meanwhile, the cost of silver also witnessed an uptick, climbing by Rs 1,000, with one kilogram now selling at Rs 78,500.
For 22-carat gold, the rise was Rs 100, setting the selling price at Rs 57,750 in Mumbai. Notably, this aligns with rates in Kolkata and Hyderabad. In Delhi, Bengaluru and Chennai, the price for ten grams of 24-carat gold varied, standing at Rs 63,150, Rs 63,000 and Rs 63,600, respectively. Similarly, the cost of ten grams of 22-carat gold in these cities differed, with prices at Rs 57,900, Rs 57,750 and Rs 58,300, respectively.
Mumbai, Kolkata and Hyderabad mirrored each other in 22-carat gold prices at Rs 57,750 for ten grams. The silver market remained consistent across Delhi, Mumbai and Chennai, with one kilogram trading at Rs 78,500. However, in Chennai, the price deviated slightly, reaching Rs 80,500 per kilogram.
Shifting focus to the global market, US gold prices experienced a slight dip on Friday, decreasing by 0.8 per cent to USD 2,019.91 per ounce. Despite this, the week concluded with a 0.8 per cent gain. US gold futures settled 0.4 per cent lower at USD 2,035.70 per ounce. Concurrently, silver prices saw a 1.3 per cent decline to USD 23.83 per ounce, while platinum fell by 1.8 per cent to USD 940.75. Both silver and platinum, however, were poised for weekly gains.
The fluctuation in gold prices was attributed to a dovish shift in the Federal Reserve’s stance, coupled with the projection of lower interest rates for the upcoming year.
