Gold, silver up as Treasury yields dip

On Friday, gold and silver went up as the US Treasury yields showed a dip. The price of gold went up to Rs 48,010 for 10 grams of 22 carat gold. The price of a gram of 24-carat gold today is Rs 5,237. Silver was trading at Rs 61,600 per kg.

On Thursday, gold futures were up 0.4 per cent on MCX to over a one-month high of Rs 51,848 per 10 grams. Silver futures went up 1.2 per cent to Rs 61,525 per kg.

On Friday, gold prices were firm on Friday ahead of the US jobs report. The report can help investors understand the Federal Reserve's next rate hike direction, according to experts. The dollar and Treasury yields have risen about 3 per cent so far in the week, as well as a decline in the dollar and Treasury yields from multi-year peaks. Spot gold was little changed at $1,709. As of 0123 GMT, the 69 per ounce was at 69 per ounce. The US gold futures were flat at $1,719. Spot silver fell 0.3 per cent to $20.64 per ounce. The dollar index and the benchmark US 10 year Treasury yields rose overnight, but were steady on the other hand.

In Delhi, 24 carat and 22 carat gold are trading at Rs 52,360 and Rs 48,000 per 10 gm.

In Chennai, 24 carat and 22 carat gold are trading at Rs 52,750 and 48,350. It is important to note that gold prices vary from city to city and depend on taxes and duties levied by the state government.

The physical gold market in India showed an improvement last week due to festivities. India is the second biggest consumer of gold. The metal's base import prices were slashed on Friday. A report released by the ICRA has stated that India's demand for gold jewellery is expected to increase 11 per cent this festive season. According to the report, gold supply banks have reduced the number of shipments to India and are sending them to China and Turkey, where they are getting better premiums. There may be a shortage of gold in India, and therefore the prices may escalate further.