Gold price today continues upward move at Rs 50,750, silver at Rs 61,050

Gold prices today jumped to Rs 50,750 from Rs 50,200 per 10 gram on Friday, while silver fell to Rs 61,050 from Rs 62,000 per kg, according to the Good Returns website.

Gold jewellery prices vary across India, the second-largest consumer of the metal, due to different excise duty, state taxes, and making charges.

In New Delhi, the price of 22-carat gold rose to Rs 49,550 per 10 gram, and in Chennai to Rs 48,790. In Mumbai, the rate was Rs 49,600, according to the Good Returns website. The price of 24-carat gold in Chennai was at Rs 53,220. 

On MCX, August gold futures climbed 0.66 per cent to Rs 51,035 per 10 gram. Silver September futures jumped to Rs 61,223 per kg.
 

MCX, meanwhile, has decided to accept gold and silver bars refined at domestic refineries for deliveries, subject to final regulatory approval. It had received the Securitiers and Exchamnhe Board of India's (Sebi's) approval for the launch of Gold Mini options with Gold Mini (100 grams) bar as underlying, MCX said in a statement.

The price of gold had reached an all-time high in both domestic and international spot markets on Wednesday. The yellow metal breached the $1,900-mark globally. In Mumbai’s Zaveri Bazar, standard gold closed 0.8 per cent up at a new peak of Rs 50, 919 per 10 gram. Silver closed 1.5 per cent lower at Rs 59,885 a kg, but internationally, the metal was 0.93 per cent up at $22.79 an ounce.

Domestic physical demand, however, has remained largely confined to investments. In rural areas, there is some demand, but only 30-40 per cent what was seen last year. Higher gold priced have given some cushion to small and medium-sized jewellers who had melted their excess stock and paid back bank or gold metal loans.