Gold price jump to Rs 53,460 per 10 gm, silver up at Rs 65,120 a kg

On MCX, August gold futures fell 1.30 per cent to Rs 53,828 per 10 gram.
Gold prices jumped on Monday to Rs 53,460 from Rs 53,450 per 10 gram, while silver fell to Rs 65,120 from Rs 65,110 per kilogram, 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 52,260 per 10 gram, and in Chennai to Rs 51,790. In Mumbai, the rate was Rs 52,500 according to the Good Returns website. The price of 24-carat gold prices in Chennai was at Rs 56,500. 

On MCX, August gold futures fell 1.30 per cent to Rs 53,828 per 10 gram. Silver September came down to Rs 64,984 per kilogram. MCX has decided to accept gold and silver bars refined at domestic refineries for deliveries, subject to final regulatory approval.

MCX received the approval of Sebi for the launch of Gold Mini options with Gold Mini (100 grams) bar as underlying, MCX said in a statement.

The finance ministry is considering an amnesty programme for residents with an illicit stash of gold, as part of an effort to crackdown on tax evasion and cut its dependence on imports, according to people with knowledge of the matter.

Under the proposition made to Prime Minister Narendra Modi, the government plans to ask people with unaccounted holdings of the metal to declare it to tax authorities and pay levies, and penalty, the people said, asking not to be identified. The proposal is at an early stage and authorities are seeking feedback from officials concerned, they said.

Gold's latest jump has taken gains for the year to 30%, also driven by low-interest rates globally amid widespread stimulus from central banks since the metal is considered a refuge from inflation and currency debasement.

Money managers allocated $3.9 billion into gold, the second-largest weekly inflow ever, Bank of America said on Friday.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

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