Gold price today at Rs 48,160 per 10 gm, silver trending at Rs 65,700 a kg

In the international market, Gold gained on Thursday as lower U.S. Treasury yields boosted the appeal.
Gold price on Friday jumped to Rs 48,160 from Rs 48,060, while silver price was trending at Rs 65,700 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 44,150 per 10 gm, while in Chennai it fell to Rs 42,350. In Mumbai, the rate was Rs 43,920 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 46,200 per 10 gm.  

Gold gained Rs 44 to Rs 44,347 per 10 gram in the national capital on Thursday, supported by weaker rupee and overnight gain in global precious metal prices, according to HDFC Securities. It had closed at Rs 44,303 per 10 gram in the previous trade. Silver, however, dipped Rs 637 to Rs 64,110 per kg, from Rs 64,747 per kg in the previous trade.

The Indian rupee furthered its loss by another 7 paise to 72.62 against the dollar in early trade on Thursday amid growing concerns over surging coronavirus cases in India and some other parts of the world.

In the international market, Gold gained on Thursday as lower U.S. Treasury yields boosted the appeal of the non-yielding metal and eclipsed pressure from a strengthening dollar.

Spot gold rose 0.3% to $1,739.60 per ounce by 10:22 A.M EDT (1422 GMT). U.S. gold futures were up 0.3% at $1,739.30 per ounce. US benchmark Treasury yields continued their dip, translating into lower opportunity cost of holding bullion, after scaling one-year highs last week .

"I don't think it (gold) has much more downside and traders are looking for a bottom on the fact that short-term yields and the rise in the dollar are not sustainable," said Bob Haberkorn, senior market strategist, RJO Futures. The dollar hit a four-month high versus rivals. Also aiding gold, sentiment in wider financial markets remained weak as investors grew wary following a new round of coronavirus restrictions in the euro zone.

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