Gold price at Rs 48,750 per 10 gm, silver crosses Rs 50,000 mark

In the international market, gold was trading with gains at $1,788 per ounce and silver at $18.34 per ounce
Gold prices on Monday rose to Rs 48,750 from Rs 48,300 per 10 gram, while silver climbed to Rs 50,050 from Rs 48,550 per kilogram on Thursday, according to Good Returns website.

Gold jewellery price varies 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 is holding steady at Rs 47,550 per 10 gram, while in Chennai it is Rs 46,740. In Mumbai, the rate is Rs 47,650, according to the Good Returns website. The price of 24-carat gold prices in Chennai is Rs 50,950. 

On MCX, August gold futures fell 1.02 per cent to Rs 48,267 per 10 gram. Silver July futures also collapsed by 1.17 per cent to Rs 48,770 per kilogram. MCX has decided to accept gold and silver bars refined at domestic refineries for deliveries, subject to final regulatory approval.

On Wednesday, Gold in the national capital zoomed Rs 647 to Rs 49,908 per 10 grams on Wednesday in line with gains in the international prices of the precious metal, according to HDFC Securities.

"Spot gold prices for 24 karat gold in Delhi recorded hefty gains by Rs 647 reflecting gains in international gold prices," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

In the international market, gold was trading with gains at $1,788 per ounce and silver at $18.34 per ounce.

Gold has proved to be a safe bet against a slowing global economy due to the increasing number of coronavirus (Covid-19) cases and geopolitical tensions with China. Gold has proved to be the only asset class in these uncertain times to offer 23 per cent returns in the first half of calendar 2020 and a staggering 41.6 per cent in the last one year. Since its level of Rs 27,840 per 10g in January 2017, gold investors have become richer by 72.6 per cent.

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel