Gold price today: Rs 46,929 per 10 gm; silver at Rs 48,435 per kg

Gold price today fell from Rs 46,995 to Rs 46,929 per 10 gram, while silver price was at Rs 48,435 per kilogram, according to the India Bullion and Jewellers Association (IBJA).

The domestic gold futures rose by 0.34 per cent to Rs 46,565 per 10 gram on Friday, as the country remained in the fourth phase of an extended lockdown to curb the spread of coronavirus outbreak.

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

According to the website goodreturns.in, the price for 24-carat gold in New Delhi is Rs 47,300 per 10 gram. Gold rate in Chennai is Rs 48,790 and Mumbai Rs 46,950.

The price of 22-carat gold is about Rs 45,500 in New Delhi per 10 gram while in Chennai, the price is at Rs 44,720. In Mumbai, it is Rs 45,950, as recorded on Friday.

Meanwhile, the rates of silver kept on increasing per kilogram on Friday, according to goodreturns.in website.

The price of silver was Rs 48,550 per kilogram across the country.

On Thursday, the website had recorded the 24-carat gold price at Rs 46,900, up Rs 50 from previous day.

The lowest record of gold rate in April stood at Rs 41,670, though the overall performance was rising.

The gold-to-silver price ratio has witnessed erosion in values, with the white metal showing some strength following improved demand on lower price and stock scarcity amid lockdowns globally.

The ratio, which indicates how much silver can be bought for one ounce of gold, had tested 124 levels in March this year following a weakening of silver demand because of the economic slump. In the past few decades, the ratio has touched or exceeded 100 hardly two times.

On the global front, gold rose 1 per cent on Friday as caution set in with investors awaiting US President Donald Trump’s response to a Chinese national security law for Hong Kong and its impact on the world economy.

Spot gold climbed 0.9 per cent to $1,734.60 per ounce, while US gold futures rose 1.3 per cent to $1,750.20.

“You’re going to continue to see safe-haven demand (for gold) because uncertainty over how the US-China tensions are going to play out is extremely high,” Edward Moya, a senior market analyst at broker OANDA told Reuters.

On Wednesday, gold had dropped to its lowest in two weeks as hopes of quick economic recovery drove investors towards riskier assets, although US-China tensions over Hong Kong put a floor under bullion prices.

Courtesy: Business Standard