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RJ Market Watch

Gold prices at Rs 59,300 per 10 gm, silver jumps to Rs 74,210 a kg



Gold prices Monday jumped to Rs 59,300 from Rs 59,290 per 10 gram, while silver climbed to Rs 74,210 from Rs 74,200 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 rose to Rs 54,360 per 10 gram, and in Chennai to Rs 53,810. In Mumbai, the rate was Rs 54,260 according to the Good Returns website. The price of 24-carat gold price in Chennai was Rs 58,700 per 10 g.

On MCX, August gold futures fell 1.89 per cent to Rs 54,789 per 10 gram. Silver September futures was at Rs 74,160 per kg.

An Israeli jewelry company is working on what it says will be the world’s most expensive coronavirus mask, a gold, diamond-encrusted face covering with a price tag of $1.5 million.

The 18-karat white gold mask will be decorated with 3,600 white and black diamonds and fitted with top-rated N99 filters at the request of the buyer, said designer Isaac Levy.

Meanwhile, with a view to further mitigate the economic impact of the COVID-19 pandemic on households, entrepreneurs and small businesses, it has been decided to increase the permissible loan to value ratio for loans against pledge of gold ornaments and jewellery for non-agricultural purposes from 75 per cent to 90 per cent, RBI said in its Statement on Developmental and Regulatory Policies. The said relaxation shall be available till March 31, 2021.

In the international market, gold slumped over 2 per cent on Friday, snapping its record-breaking rally, after a decent US jobs report boosted the dollar, but a worsening pandemic kept prices on course for their longest streak of weekly gains in about a decade.


Courtesy: Business Standard

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