Gold price rises Rs 270 to Rs 58,690; silver selling at Rs 69,800
Gold prices rose by Rs 270 in Saturday's early trade with ten grams of 24 carat gold selling at Rs 58,690, according to the GoodReturns website. Silver prices were up Rs 600 per kg with the precious metal trading at Rs 69,800.
The price of ten grams of 22 carat gold rose by Rs 250 to Rs 53,800.
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 53,800.
The price of ten grams of 22 carat gold in Delhi, Bengaluru, and Chennai is Rs 53,950, Rs 53,850, and Rs 54,500, 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 58,690.
The price of ten grams of 24 carat gold in Delhi, Bengaluru, and Chennai is Rs 58,840, Rs 58,740, and Rs 59,450, respectively.
US gold prices surged more than 2 per cent on Friday as a wave of banking crises shook global markets and put bullion on track for its biggest weekly rise in three years, while bets solidified for a less aggressive Federal Reserve in its fight against inflation.
Spot gold climbed 2.8 per cent to $1,971.95 per ounce by 1:47 p.m. ET (1747 GMT), highest since April 2022. Bullion has added about 5.6 per cent this week, the most since March 2020.
US gold futures gained 2.6 per cent to settle at $1,973.50.
"Gold is surging on fears that more bad banking news could appear over the weekend and hopes that the Fed will pause its rate hikes next week," said Tai Wong, an independent metals trader based in New York.
The collapse of Silicon Valley Bank in the US has highlighted banks' vulnerabilities to sharply higher rates, while a rout in Credit Suisse shares has added to the market turmoil.
"Gold is likely to shine through the chaos as investors adopt a guarded stance," said Lukman Otunuga, senior research analyst at FXTM.
(with inputs from Reuters)