Gold and silver prices increases in early trade

Gold price jumped Rs 660 from yesterday's close during Wednesday's early trade with 10 grams of 24-carat gold trading at Rs 60,330. Silver prices rose Rs 600, with 1 kg of the precious metal selling at Rs 74,000.

The price of 10 grams of 22-carat gold rose Rs 600 to Rs 55,300, according to the GoodReturns website.

Citywide breakdown

n Mumbai, Kolkata, and Hyderabad, 10 grams of 22-carat and 24-carat gold are trading at Rs 55,310, and Rs 60,340, respectively.

In Delhi, Bengaluru, and Chennai, 10 grams of 22-carat gold is at Rs 55,460, Rs 55,360, and Rs 56,010, respectively.

In Delhi, Bengaluru, and Chennai, 10 grams of 24-carat gold is at Rs 60,490, Rs 60,390, and Rs 61,100, respectively.

US gold prices traded steadily above the important $2,000 level on Wednesday as the dollar weakened as expectations that the Federal Reserve might ease monetary policy were stoked by weak US economic data. These prices were close to record highs last seen in 2020.

Spot gold held its ground at $2,020.39 per ounce, as of 0123 GMT. US gold futures were steady at $2,037.20.

Since the dollar index fell by 0.1%, buyers holding other currencies could purchase bullion at a lower price.

After yet another round of weaker US economic data indicated a slowing economy and strengthened expectations of a less-aggressive Fed policy, gold prices rose 2% to reach their highest level in more than a year on Tuesday.

In Delhi, Mumbai, and Kolkata, the price of 1 kg of silver is Rs 77,090.

In Bengaluru, Chennai, and Hyderabad, the price of 1 kg of silver is Rs 80,700.