Gold, silver prices rise; yellow metal selling at Rs 51,600 per 10 grams

In Mumbai, Kolkata, and Hyderabad, 10 gram of 24-carat and 22-carat gold was selling at Rs 51,600 and Rs 56,290, respectively

Gold prices rose on Saturday by Rs 220, with 10 grams of the yellow metal (24-carat) trading at Rs 56,290. Silver price also rose by Rs 100 per kilogram from yesterday's close. The precious metal was selling at Rs 72,000 per kg.

The price of 22-carat gold rose Rs 200 from yesterday's close to Rs 51,600, according to the GoodReturns website.

In Mumbai, Kolkata, and Hyderabad, 10 gram of 24-carat and 22-carat gold is selling at Rs 51,600 and Rs 56,290, respectively.

In Delhi, 10 grams of 24-carat and 22-carat gold is trading at Rs 56,440 and Rs 51,750, respectively. In Chennai, 10 gram of 24-carat and 22-carat gold is selling at Rs 57,250 and Rs 52,500, respectively.

US gold prices scaled an over eight-month peak on Friday, holding above the key pivot of $1,900 per ounce, as cooling inflation raised hopes for slower interest rate hikes from the Federal Reserve.

Spot gold rose 1.3 per cent to $1,920.70 per ounce by 2:11 p.m. ET (1911 GMT), the highest since end-April 2022. The metal has risen 2.9 per cent so far this week.

US gold futures settled up 1.2 per cent at $1,921.7.

In Delhi, Mumbai, and Kolkata, 1 kg of silver is trading at Rs 72,000, while in Chennai and Hyderabad it is selling at Rs 74,000.