Gold price today at Rs 45,710 per 10 gm, silver trending at Rs 66,900 a kg

Photo: Reuters
Gold price on Monday was slightly higher at Rs 45,710 per 10 gm compared to Rs 45,700 in the previous session. Silver is trending at Rs 66,900 per kg, according to the Good Returns website.

Gold jewellery price varies across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making changes.

In New Delhi, the price of 22-carat gold is at Rs 45,660 per 10 gm, while in Chennai it rose to Rs 43,750. The rate in Mumbai was Rs 44,710 according to the website. The price of 24-carat gold in Chennai was Rs 47,730 per 10 gm. 

“Gold is currently in a consolidation phase, which is encouraging bargain hunters and long-term investors to step in and take advantage of low prices as gold may soon reverse direction decisively and recover”, said Chirag Mehta - Senior Fund Manager - Alternative Investments, Quantum AMC.

Both Fed Chair Powell and US Treasury Secretary Yellen have shared their optimism about economic growth this year, hurting gold. Nonetheless, prices are still supported as the Federal Reserve has repeatedly assured markets of no change in its accommodative monetary policy stance any time soon, Mehta added.

The spot rupee ended 1.84 per cent lower against the dollar for the week. Gold ETF holdings continued outflow as holdings at SPDR Gold Shares fell to 1026 tonnes during the week, down from the previous week’s 1033 tonnes.

Gold is the biggest under-performer for the first three months of 2021 vs the other asset classes. According to Axis Securities, the investors are now betting higher on riskier assets like equity. Sentiments are improving further with increasing optimism driven by vaccine development and faster than expected economic recovery.

Based on these fundamental pressures, gold is the biggest under-performer for the first three months of 2021 vs. the other asset classes. Gold prices are down by 11 per cent in Rs, and 10 per cent in $ in the last three months.

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