Gold prices surged by Rs 430 to reach Rs 64,250, while silver also climbed by Rs 300 to hit Rs 79,500. This increase in prices was observed during the early trade on Friday, according to data from the GoodReturns website. The price hike was noted particularly for 24-carat gold, which saw a rise of Rs 430, resulting in ten grams of this valuable metal being sold at Rs 64,250. Similarly, the price of silver witnessed an uptick of Rs 300, with one kilogram being sold at Rs 79,500.

For 22-carat gold, the surge amounted to Rs 400, elevating the selling price to Rs 58,900.

The prices of 24-carat gold for ten grams in Mumbai were consistent with those in Kolkata and Hyderabad, all at Rs 64,250. However, in Delhi, Bengaluru, and Chennai, the prices stood at Rs 64,400, Rs 64,250, and Rs 64,850, respectively. Meanwhile, the price of ten grams of 22-carat gold in Mumbai matched that in Kolkata and Hyderabad, maintaining at Rs 58,900. Yet, in Delhi, Bengaluru, and Chennai, the prices were recorded at Rs 59,050, Rs 58,900, and Rs 59,450, respectively.

The surge in US gold prices marked a significant milestone, wrapping up the best year in three, largely fueled by strong expectations of imminent US interest rate cuts in the upcoming year. Furthermore, escalating tensions in regions like Ukraine and the Middle East bolstered safe-haven demand.

Spot gold observed a 0.2% increase, reaching $2,068.95 per ounce, signifying a 14% rise for the year, marking its most substantial annual gain since 2020.

On the other hand, US gold futures experienced a slight decline of 0.2%, settling at $2,078.70 per ounce. Spot silver, despite a 0.2% rise to $23.83 per ounce, seemed poised to conclude the year with relatively stagnant growth.

Platinum remained steady at $1,002.50 per ounce, nearing a six-month high, while palladium saw a marginal increase of 0.1%, reaching $1,133.73.

Recent data unveiled a 37% increase in China's net gold imports through Hong Kong in November compared to the previous month. This uptick is attributed to the relaxation of import restrictions by the world's largest consumer of gold, gearing up to meet the anticipated demand for the Chinese New Year.

In both Delhi and Mumbai, the selling price of one kilogram of silver presently stands at Rs 79,500.

Russia's Oil Exports Plummet in 2023, Shifting Focus to Asian Markets

Global Economy Faces Challenges, Looks to Brighter Future in 2024