Gold price rises Rs 10 to Rs 73,260, silver jumps Rs 100 at Rs 87,700

Gold Price Today: The price of 24-carat gold jumped Rs 10 in early trade on Thursday, with ten grams of the precious metal trading at Rs 73,260, according to the GoodReturns website. The price of silver rose Rs 100, with one kilogram of the precious metal selling at Rs 87,700.

The price of one kilogram of silver in Chennai stood at Rs 91,100.

US gold prices inched up on Thursday following a sharp rise in the last session as the dollar and bond yields weakened on the increasing likelihood of rate cuts by the US Federal Reserve as early as September.

Spot gold rose 0.1 per cent at $2,388.10 per ounce, as of 0255 GMT, after gaining more than 1 per cent to its highest since April 19 on Wednesday. US gold futures rose 0.1 per cent to $2,393.20.

The dollar fell 0.2 per cent against a basket of other major currencies, making the greenback-priced bullion less expensive for other currency holders. The benchmark 10-year Treasury yield hit its lowest in more than one month.

 

Spot silver fell 0.5 per cent to $29.56 per ounce and palladium gained 0.3 per cent to $1,012.93.

(With inputs from Reuters)