Gold price rises by Rs 540 to Rs 56,070, silver price falls Rs 200

Gold prices rose Rs 540 from yesterday's close on Saturday, with ten grams of 24-carat gold trading at Rs 56,070, according to the GoodReturns website. Silver prices, however, fell Rs 200 to Rs 65,250 per kilogram.

The price of ten grams of 22-carat gold declined Rs 500 to Rs 51,400.

The price of ten grams of 22-carat gold in Mumbai is at par with the price of gold in Kolkata and Hyderabad, at Rs 51,400.

The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 51,550, Rs 51,450, and Rs 51,900, respectively.

The price of ten grams of 24-carat gold in Mumbai is at par with the price of gold in Kolkata and Hyderabad, at Rs 56,070.

The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 56,210, Rs 56,110, and Rs 56,620, respectively.

US gold prices jumped nearly 2 per cent on Friday, driven by a slide in US Treasury yields and broader financial markets as worries over a fallout in the banking sector eclipsed a strong US jobs report and drove safe-haven flows into bullion.

Spot gold was up 1.8 per cent at $1,863.46 per ounce by 2:26 p.m. ET (1926 GMT), its highest since Feb. 14. US gold futures also rose 1.8 per cent to settle at $1,867.20 per ounce.

US tech lender SVB's troubles rippled through global markets and hit banking stocks, shoring up interest in bullion often seen as a safe store of value during uncertain times.

"I think the main focal point is yields and with yields dropping today, that is a boost for the gold market," said David Meger, director of metals trading at High Ridge Futures.

(with inputs from Reuters)