Gold price today: Rs 46,844 per 10 gm; silver at Rs 47,695 per kg

Gold price today rose from Rs 46,479 to Rs 46,844 per 10 gram, while silver slipped from Rs 47,800 to Rs 47,695 per kilogram, according to India Bullion and Jewellers Association (IBJA).

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

Domestic gold futures recovered early losses to trade above Rs 46,450 per 10 grams, as equity markets tumbled over 1% in the last hour of the session. MCX gold futures jumped to as high as Rs 46,491 per 10 grams, rising by Rs 390 or 0.85% from their previous close, having declined to Rs 45,950 per 10 grams earlier.
According to goodreturns.in, the price for 24-carat gold in New Delhi is Rs 46,400 per 10 gram. Gold rate in Chennai is Rs 48,510 and Mumbai Rs 46,000.

The price of 22-carat gold is about Rs 45,200 in New Delhi per 10 gram while in Chennai, the price is at Rs 44,470. In Mumbai, it is Rs 45,000.

On Thursday, the website had recorded the 24-carat gold price at Rs 46,000, a rise of Rs 260 from previous day.

The lowest record of gold rate past month stood at Rs 45,300 on May 12, and highest price touched Rs 47,600 on May 20.

According to goodreturns.in, the price of silver fell Rs 40 to Rs 47,400 per kilogram across the country.

Last week, the price of silver jumped by 3.33% in Mumbai’s spot Zaveri Bazaar to hit the highest in six-and-a-half years as investors booked the white precious metal as an alternative to gold.

Globally, the gold-silver ratio hit a historical high of 117 last week. Silver offers a good opportunity to earn high returns.

Gold jumped more than 1% on Tuesday as risk appetite took a back seat with cautious investors awaiting clarity on the state of the economy and further stimulus from the US Federal Reserve’s policy meeting.

Spot gold gained 1.3% to $1,717.33 per ounce by 10:16 a.m. ET (1416 GMT), climbing for a second straight session. U.S. gold futures rose 1.2% to $1,726.10.

Massive global stimulus to limit the economic damage from the corona virus pandemic has supported gold, considered a hedge against inflation and currency debasement.

Courtesy: Business Standard