Gold price today at Rs 48,230 per 10 gm, silver trending at Rs 71,900 a kg

Prices for 22 carat gold on Thursday jumped to Rs 48,230 for 10 gm from Rs 46,900 and silver was at Rs 71,900 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 is at Rs 47,000 per 10 gm. In Chennai, it increased to Rs 46,470. The rate in Mumbai was Rs 46,900. The price of 24-carat gold in Chennai was Rs 50,700 per 10 gm, according to the website.

Prices for 24-carat gold witnessed an uptick of Rs 1,300 per 10 gram to Rs 49,230 on Thursday from Rs 47,900 in the previous trading session.

Gold in 22-carat in Delhi on Wednesday was up by Rs 20 to Rs 47,000 per 10 gram due to rupee depreciation. In the previous trade, the precious metal had closed at Rs 46,980 per 10 gram.

Gold prices shot up in India despite retreating at nearly 5-months high in the bullion markets.

Silver dipped by Rs 700 to Rs 71,900 per kilogram from Rs 72,600 per kilogram in the previous trade. Indian rupee ended lower at 73.08 per dollar on Wednesday, amid volatile trade saw in the domestic equity market.

In the global market,  gold prices dipped on Wednesday, as elevated Treasury yields and an uptick in risk appetite weighed on the safe-haven metal, while investors cautiously awaited US jobs data for cues on economic recovery and near-term Federal Reserve policy action.

The US 10-year Treasury yield held firm above 1.6% after hitting a more than one-week high, increasing the opportunity cost of holding non-interest-bearing gold.

Spot gold was 0.3% lower at $1,902.05 per ounce at 1:41 p.m. EDT (1741 GMT), after touching its highest since January 8 at $1,916.40. U.S. gold futures settled little changed at $1,905.