Gold price rose Rs 330 from yesterday's close during Saturday's early trade with ten grams of 24-carat gold trading at Rs 60,000, according to the GoodReturns website. Silver prices, on the other hand, jumped Rs 700, with 1 kg of the precious metal selling at Rs 74,000.
The price of ten grams of 22-carat gold increased by Rs 300 to Rs 55,000.
The price of ten grams of 24-carat gold in Mumbai is at par with the price of gold in Kolkata and Hyderabad, at Rs 60,000.
The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 60,150, Rs 60,050, and Rs 60,980, respectively.
The price of ten grams of 22-carat gold in Mumbai is at par with the price of gold in Kolkata and Hyderabad, at Rs 55,000.
The price of ten grams of 22-carat gold in Delhi, Bengaluru, and Chennai is Rs 55,150, Rs 55,050, and Rs 55,900, respectively.
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US gold prices were on track for a second straight quarterly rise on Friday, as growing bets that the Federal Reserve will slow the pace of interest rate hikes drew investors to the metal.
Spot gold was down 0.6 per cent at $1,968.25 per ounce by 2:26 p.m. EDT (1826 GMT), after prices moved as much as 0.4 per cent higher following data that showed US consumer spending rose modestly in February. US gold futures settled down 0.6 per cent at $1,986.2.
"Gold jumped quickly but modestly after the market-friendly personal consumption expenditures (PCE) report," said Tai Wong, an independent metals trader based in New York.
"Bulls want a very strong close, ideally above $2,000, for quarter-end as a springboard to challenge the $2,070 all-time record, but the yellow metal looks a little tired."
Global stocks gained after the US data, latching onto hopes for a less challenging Fed interest rate regime. Gold, seen as a safe haven, loses value when investors have an appetite for riskier assets.
Last week, gold topped $2,000 after the sudden collapse of two US regional lenders drove bets that the US central bank might pause interest rate hikes to stem the risk of contagion in the global banking system.
Prices retreated after authorities initiated rescue measures, though they have gained about 7.8 per cent so far this quarter.
"The mini-banking crisis has seen yields fall considerably and interest rate expectations pared significantly back, which has propelled gold higher," said Craig Erlam, senior market analyst at OANDA.
Gold consumption in top hub China slowed this week as a steady rise in domestic prices started to bite, forcing dealers to offer discounts for the first time in months.
The price of 1 kg of silver in Delhi, Mumbai, and Kolkata is Rs 74,000.
The price of 1 kg of silver in Bengaluru, Chennai, and Hyderabad is Rs 77,500.
US spot silver rose 0.4 per cent to $23.96 per ounce, platinum added 0.6 per cent at $991.77, and palladium was largely unchanged at $1,464.77.
(with inputs from Reuters)
