Gold seems to be getting brighter as the warfront in the Middle East turns hotter. The price of 24-karat gold increased by Rs 270 to Rs 60,760 per 10 grams on Friday, while silver turned cheaper by Rs 500 to Rs 74,100 per kilogram. The 22-karat gold, too, surged in tandem by Rs 250 to Rs 55,700.
While the price of 24-karat gold in Mumbai, Kolkata and Haryana reached Rs 60,760, in Delhi, Bengaluru and Chennai, it varied from Rs 60,910 to Rs 60,930 per gram.
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The price of gold in the US reached its highest in three months on Friday, setting it up for a second straight week of gains, driven by heightened demand caused by the Middle East conflict and the prospect of a possible end to interest-rate hikes by the Federal Reserve.
At 1:32 GMT, the price of spot gold was stable at $1,973 per ounce, after having reached its highest level since July 20, while US gold futures rose by 0.3 percent to $1,986.00. Spot silver declined by 0.97 per cent to $22.97, while platinum was down by 0.5 percent to $895.00, and palladium declined by 0.55 per cent to $1,109.00.
In the Indian market, the price of one krona of silver in Delhi and Mumbai is currently Rs 74,000, while the price of silver in Chennai is Rs 77,000.
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