Gold, silver prices rise; yellow metal selling at Rs 56,070 per 10 grams

Silver price rose by Rs 400 per kilogram from yesterday's close; the precious metal was selling at Rs 71,900 per kg

Gold prices rose on Friday by Rs 110, with 10 grams of the yellow metal (24-carat) trading at Rs 56,070. Silver price also rose by Rs 400 per kilogram from yesterday's close. The precious metal was selling at Rs 71,900 per kg.

The price of 22-carat gold rose Rs 100 from yesterday's close to Rs 51,400, according to the GoodReturns website.

In Mumbai, Kolkata, and Hyderabad, 10 gram of 24-carat and 22-carat gold was selling at Rs 56,070 and Rs 51,400, respectively.

In Delhi, 10 grams of 24-carat and 22-carat gold was trading at Rs 56,220 and Rs 51,550, respectively. In Chennai, 10 gram of 24-carat and 22-carat gold was selling at Rs 57,120 and Rs 52,360, respectively.

US Gold prices rose over 1%, hovering near the $1,900 per ounce pivot on Thursday after data showing signs of cooling inflation in the United States boosted bets for slower rate hikes from the Federal Reserve. Spot gold jumped 1.1% to $1,896.30 per ounce by 2:40 p.m. ET (1940 GMT). It earlier hit $1,901.4, its highest since May. U.S. gold futures settled up 1.1% at $1,898.8.

In Delhi, Mumbai, and Kolkata, 1 kg of silver was trading at Rs 71,900, while in Chennai and Hyderabad it was selling at Rs 74,000.

Spot silver jumped 1.8% to $23.85 per ounce, platinum gained 0.4% to $1,075.25, while palladium was up 0.4% to $1,780.46.

(With inputs from Reuters)