Gold price today at Rs 50,850 per 10 gm, silver trending at Rs 70,300 a kg

Gold price on Friday jumped to Rs 50,850 for 10 gm from Rs 50,810 and the silver price is trending at Rs 70,300 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 charges.

In New Delhi, the price of 22-carat gold is at Rs 46,650 per 10 gm, while in Chennai it fell to Rs 45,370. The rate in Mumbai was Rs 45,250 according to the website. The price of 24-carat gold in Chennai was Rs 49,500 per 10 gm.  

Gold dipped Rs 168 to Rs 47,450 per 10 gram in the national capital on Thursday in line with weaker global precious metal prices, according to HDFC Securities.

In the previous trade, it had closed at Rs 47,618 per 10 gram. Silver, however, gained Rs 238 to Rs 69,117 per kg, from Rs 68,879 per kg in the previous trade.

In the international market, Gold slipped 1% on Thursday, retreating from a two-month high, as an uptick in the dollar and U.S. Treasury yields hurt the metal's appeal, while palladium lingered near an all-time high.

Spot gold was 0.7% lower at $1,780.36 per ounce by 12:54 p.m. EDT (1654 GMT), after hitting its highest since Feb. 25 at $1,797.67. U.S. gold futures dipped 0.7% to $1,780.90.

"$1,800 was a bit of a psychological resistance, so we've come back with tests... The dollar and the 10-year (yields) are both a little bit higher and that's pressuring gold as well," said ED&F Man Capital Markets analyst Edward Meir.

The dollar was up 0.1% versus a basket of other major currencies, with the 10-year yield rising as far as 1.587%. Gold has dropped 6% so far this year, mostly pressured by rising yields.


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