Gold price inches lower to Rs 47,000 per 10 gm, silver at Rs 69,800 a kg

Gold price today fell to Rs 47,000 per 10 gm from Rs 47,340. Silver price soared to Rs 69,800 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 stayed at Rs 46,400 per 10 gm, while in Chennai it was at Rs 44,570-- down from yesterday's rate of Rs 44,690. In Mumbai, the price od 22-carat gold decreased by Rs 340 to Rs 46,000. The price of 24-carat gold in Chennai also slipped by Rs 120 to Rs 48,630 per 10 gm.  

In the international market, Spot gold fell 0.3 per cent to $1,817.41 per ounce pressured by US Treasury yields topping a near 11-month peak on Friday, and as global shares scaled a fresh record peak.

US gold futures eased 0.3 per cent to $1,818.20.

Platinum prices climbed to their highest level in over six years on Monday, buoyed by expectations of a wider supply-demand deficit for the industrial metal as investors bet on a swift global economic rebound.

Platinum, used in catalytic converters that limit emissions from automobile engine exhaust systems, rose 3.6 per cent to $1,298.02 an ounce by 1521 GMT, having touched $1,304.00, its highest since September 2014.

“Investors have started to realize there’s upside potential for platinum prices, so it’s catching up to other precious metals,” said ABN Amro analyst Georgette Boele, adding the industrial outlook has improved for platinum.

Platinum will likely continue to outperform both palladium and gold, but it is unlikely to revert back to trading at a premium to gold, she added.