Gold up Rs 10 in early trade, silver down by Rs 100/kg

The price of 24-carat gold went up by Rs 10 in early trade on April 12, with 10 gm of the precious metal trading at Rs 72,230, according to the GoodReturns website. On the other hand, price of silver fell by Rs 100 per kg at Rs 84,900.

The price of 22-carat gold rose Rs 10 with the yellow metal selling at Rs 66,210.

The price of 10 gm of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 72,230. In Delhi, Bengaluru and Chennai, price of 10 gm of 24-carat gold stood at Rs 72,380, Rs 72,230, and Rs 73,370, respectively.

In Mumbai, 10 gm of 22-carat gold was selling at Rs 66,210 on par with Kolkata and Hyderabad. In Delhi, Bengaluru and Chennai, 10 gm of 22-carat gold was trading at Rs 66,360, Rs 66,210 and Rs 67,260, respectively.

The price of 1 kg of silver in Delhi, Mumbai, and Kolkata stood at Rs 84,900, while 1 kg of silver in Chennai stood at Rs 88,400.

Meanwhile, US gold prices scaled to a record high on April 12 as geopolitical tensions continued to boost demand for the safe-haven metal, while strong economic data failed to dampen bullion’s allure.

The demand is being driven by Federal Reserve officials saying there is no rush to cut interest rates continue to grow, with still-too-hot-for-comfort US inflation a rising concern.

Expectations for how much policy easing the Federal Reserve can deliver are falling rapidly as one strong economic report after another suggests inflation could come creeping back if the US central bank lowers borrowing costs prematurely. Higher interest rates reduce the appeal of holding non-yielding gold.

Spot gold was up 0.6 percent at $2,386.38 per ounce, as of 0111 GMT. Bullion hit a record high of $2,389.29 earlier in the session.

Spot silver rose 0.7 percent to $28.66 per ounce, platinum gained 0.7 percent to $986.80 and palladium was up 0.6 percent at $1,052.61.

(With inputs from Reuters)