Gold price rises to Rs 49,000 per 10 gm, silver trending at Rs 69,000 a kg

In New Delhi, the price of 22-carat gold fell by Rs 440 to Rs 46,900 per 10 gm. In Mumbai, the rate jumped to Rs 48,000

Gold price on Thursday inched up to Rs 49,000 from Rs 48,590, while silver price fell by Rs 2,000 to trend at Rs 69,000 per kg, according to the Good Returns website.

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

In New Delhi, the price of 22-carat gold fell by Rs 440 to Rs 46,900 per 10 gm, while in Chennai it declined to Rs 45,290. In Mumbai, the rate jumped to Rs 48,000, according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 49,400 per 10 gm.  

In the international market, Silver rose on Wednesday, helped by hopes that global stimulus measures would prompt a pick-up in industrial demand, after a sharp decline from a near-eight-year peak scaled with the help of a social media-inspired buying frenzy.

Spot silver rose 0.6 per cent to $26.76 per ounce at 1:49 p.m. EST (1849 GMT). It fell more than 8 per cent on Tuesday.

The recent moves have attracted a lot of new interest in silver, “not necessarily Reddit investors, but just people out there looking at silver as an undervalued asset,” said Bob Haberkorn, senior market strategist at RJO Futures.

“There is an increased physical demand for silver at this point.”

Prices surged to $30.03 on Monday after retail investors attempted to replicate a GameStop style rally.

The buying spree left silver dealers scrambling to find supplies of coins and bars.

Spot gold fell 0.2 per cent to $1,833.93 per ounce. US gold futures settled up 0.1 per cent at $1,835.10.

A steepening US Treasury yield curve and a jump in equities are pressuring gold, said Daniel Ghali, commodity strategist at TD Securities.