Gold costs climb Rs 10 to Rs 74,460, silver jumps Rs 100 to Rs 89,600

In Mumbai, the value of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 68,260.

In Delhi, Bengaluru, and Chennai, the value of ten grams of 22-carat gold stood at Rs 68,410, Rs 68,260, and Rs 68,260, respectively.

The value of 1 kilogram of silver in Delhi is consistent with the value of silver in Kolkata and Mumbai at 89,600. 

The value of 1 kilogram of silver in Chennai stood at Rs 95,100.

US gold costs powered greater on Friday, beating file ranges, as a lift in bullish momentum fuelled by optimism that the US Federal Reserve is on the point of trimming rates of interest was catalysed by fund inflows and a drop within the greenback.

Spot gold was buying and selling at file ranges, up 0.9 per cent at $2,582.04 per ounce by 1:45 p.m ET (1745 GMT).

US gold futures settled 1.2 per cxent greater to $2,610.70.

Gold market bulls are locking in bullion costs surging to contemporary data, with a milestone of $3,000 per ounce coming into focus, fired up by financial easing by main central banks and a decent US presidential election race.

The celebrities are aligned in favour of the gold and silver market bulls because the European Central Financial institution lowered its essential rate of interest this week, the Fed is prone to decrease it subsequent week and tame US inflation knowledge, Jim Wyckoff, senior market analyst at Kitco Metals, stated.

Palladium rose 2 per cent to $1,067.43 and has surged about 17 per cent up to now this week.

Spot silver rose 2.3 per cent to $30.61 and platinum added 2.4 per cent to $1,000.57.

(with inputs from Reuters)

First Revealed: Sep 14 2024 | 8:47 AM IST