Gold costs rise Rs 10 to Rs 75,120, silver jumps Rs 100 to Rs 92,600

In Mumbai, the worth of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 68,860.

In Delhi, Bengaluru, and Chennai, the worth of ten grams of 22-carat gold stood at Rs 69,010, Rs 68,860, and Rs 68,860, respectively.

The worth of 1 kilogram of silver in Delhi is in keeping with the worth of silver in Kolkata and Mumbai at 92,600. 

The value of 1 kilogram of silver in Chennai stood at Rs 97,600.

US gold soared above the $2,600 degree on Friday for the primary time, extending a rally boosted by bets for additional US rate of interest cuts, and rising tensions within the Center East.

Spot gold was up 1.3 per cent at $2,620.63 per ounce by 1:43 p.m. ET (1743 GMT), whereas US gold futures settled 1.2 per cent increased to $2,646.20.

Bullion’s newest rally received a fillip after the Federal Reserve initiated an aggressive easing cycle on Wednesday with a half-percentage-point discount, including to the enchantment for gold, which pays no curiosity.

Costs of the safe-haven asset have climbed 27% in 2024, their greatest annual rise since 2010, as buyers additionally sought to hedge uncertainties spurred by extended conflicts within the Center East and elsewhere.

The file rally might be poised for a correction, analysts mentioned.

Some analysts, nevertheless, mentioned gold may see extra upward spikes.

“Geopolitical dangers, akin to ongoing conflicts in Gaza, Ukraine, and elsewhere, will guarantee to maintain gold’s safe-haven demand,” Foreign exchange.com analyst Fawad Razaqzada mentioned in a be aware.

Continued weak point within the greenback, which makes gold cheaper for holders of different currencies, supplied further tailwinds, analysts mentioned. 

Elsewhere, spot silver gained 1.2 per cent to $31.16. Platinum fell 1.1 per cent to $978.50 and palladium shed 0.5 per cent to $1,074.84.

(with inputs from Reuters)

First Revealed: Sep 21 2024 | 8:09 AM IST