Gold prices surged in India on Saturday, according to the GoodReturns website. The price of ten grams of 24-carat gold rose by Rs 540 to reach Rs 56,070, while the price of silver decreased by Rs 200 to Rs 65,250 per kilogram. In contrast, the price of ten grams of 22-carat gold dropped by Rs 500 to reach Rs 51,400.
The price of 22-carat gold in Mumbai is comparable to the prices in Kolkata and Hyderabad, while the price of 24-carat gold in Mumbai is at par with that in Kolkata and Hyderabad. However, in Delhi, Bengaluru, and Chennai, the price of ten grams of 22-carat gold is Rs 51,550, Rs 51,450, and Rs 51,900, respectively. Meanwhile, the price of ten grams of 24-carat gold is Rs 56,210, Rs 56,110, and Rs 56,620, respectively, in these cities.
In global markets, US gold prices also saw a significant increase of nearly 2% on Friday, buoyed by a decline in US Treasury yields and the overall financial market. The escalating concerns about the fallout in the banking sector had a significant impact on banking stocks, which in turn led to increased interest in bullion considered a safe store of value during uncertain times. As a result, the spot gold prices rose by 1.8% to $1,863.46 per ounce, the highest since February 14. Similarly, US gold futures rose by 1.8% to settle at $1,867.20 per ounce. According to David Meger, director of metals trading at High Ridge Futures, the drop in yields was the main driver of the rise in gold prices.