Gold price falls to Rs 48,900 per 10 gm, silver at Rs 53,810 a kg

Gold prices on Saturday fell to Rs 48,900 from Rs 49,150 per 10 gram, while silver climbed to Rs 53,810 from Rs 52,800 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 47,700 per 10 gram, and in Chennai to Rs 46,850. In Mumbai, the rate was Rs 47,450, according to the Good Returns website. The price of 24-carat gold prices in Chennai was at Rs 51,140. 

On MCX, August gold futures climbed 0.40 per cent to Rs 48,967 per 10 gram. Silver September futures jumped to Rs 52,899 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 Sebi for the launch of Gold Mini options with Gold Mini (100 grams) bar as underlying, MCX said in a statement.

Gold prices in the national capital fell by Rs 271 to Rs 49,729 per 10 grams on Friday amid a strengthening rupee, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 50,000 per 10 grams.

Silver also declined by Rs 512 to Rs 53,382 per kg from Rs 53,894 per kg on Thursday.

The rupee appreciated 16 paise to close at 75.02 against the US dollar on Friday, tracking positive domestic equities and a weakening American currency.

In the international market, gold was trading higher at $1,801.5 per ounce, while silver was ruling flat at $19.08 per ounce.