Gold price today continues upward trend at Rs 53,200, silver at Rs 65,000

Gold price today jumped to Rs 53,200 from Rs 53,000 per 10 gram on Friday, while silver rose sharply to Rs 65,000 from Rs 63,000 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 52,200 per 10 grams, and in Chennai to Rs 51,250. In Mumbai, the rate was Rs 51,900 according to the Good Returns website. The price of 24-carat gold in Chennai was at Rs 55,820. 

On MCX, August gold futures climbed 1.30 per cent to Rs 53,828 per 10 grams. Silver for September delivery came down to Rs 69,984 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 the Securities and Exchange Board of India (Sebi) for the launch of Gold Mini options with Gold Mini (100 grams) bar as underlying, MCX said in a statement.

Gold price rose on Friday and headed for its biggest monthly gain in eight-and-a-half years as the impact of the worsening coronavirus pandemic on the US economy hammered the dollar, prompting investors to seek refuge in bullion. Spot gold gained 0.8 per cent to $1,975.10 per ounce by 1207 GMT, while US gold futures rose 1.5 per cent to $1,970.80.

After the prices had hit a record $1,980.57 on Tuesday, they are up nearly 11 per cent so far this month, their biggest monthly percentage gain since January 2012. 

"Spot gold prices for 24 karat in Delhi witnessed strong opening and gained Rs 687 with recovery in international prices," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

Meanwhile, the finance ministry is considering an amnesty programme for residents with illicit stash of gold, as part of an effort to crack down 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.