Gold price today at Rs 55,200 per 10 gm, silver falls to Rs 65,500 per kg

In New Delhi, the price of 22-carat gold jumped to Rs 50,600 per 10 gram, and in Chennai to Rs 49,750

Gold prices today rose to 55,200 from Rs 54,380 per 10 gram a day before, while silver fell to Rs 65,500 from Rs 65,550 per kg, according to Good Returns website.

Gold jewellery prices vary across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges.

In New Delhi, the price of 22-carat gold jumped to Rs 50,600 per 10 gram, and in Chennai to Rs 49,750. In Mumbai, the rate was Rs 50,350, according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 54,270 per 10 gm.

On MCX, October gold futures fell by 1.69 per cent to Rs 50,902 per 10 gram. Silver September futures stood at Rs 65,190 per kg.

In the international market, gold was trading lower at $1,946 per ounce, while silver was quoting flat at $27.38 per ounce. “Gold prices traded under pressure on economic growth optimism…,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

Eying the precious metal segment, Amazon Pay recently started allowing users to purchase digital gold on its platform. While existing players like Paytm, MobiKwik, and PhonePe allow you to buy gold for Re 1, Amazon Pay has kept the minimum amount at Rs 5.

Digital gold is essentially an avenue for investing in physical gold. Terence Lucien, head of mutual funds and gold, PhonePe, said: “While the purchase is done digitally, our partners actually hold 24-carat pure physical gold for every purchase made by a customer.” These platforms have made it easy for customers to start accumulating gold by investing small amounts. They also take care of purity-related concerns.

Courtesy:Business Standard