Gold price today at Rs 48,310 per 10 gm, silver trending at Rs 71,600 a kg

Price for 22 carat gold on Monday increased to Rs 48,310 for 10 gm from Rs 48,300 and silver was at Rs 71,600 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 47,110 per 10 gm. In Chennai, it increased to Rs 46,160. The rate in Mumbai was Rs 48,310, according to the website. 

Prices for 24-carat gold also witnessed an uptick of Rs 10 per 10 gram to Rs 49,310 on Monday from Rs 49,300 a day before.

Gold prices shot up in India following trends in the bullion markets as the US non-farm payrolls fell short of expectations.

Gold imports by India plummeted in May after a deadly new wave of the pandemic shuttered stores and restricted mobility, wiping out demand during key festivals and weddings.

Inbound purchases slumped to 11.3 tons last month from 70.3 tons in April, according to a Bloomberg report.

Silver prices remain unchanged at Rs 71, 600 per kilogram. The rupee fell 8 paise to close at 72.99 (provisional) against the US dollar on Friday, with forex market participants weighing RBI policy measures aimed at mitigating the Covid-19 impact on the economy.

In the global market, gold rebounded from a more than two-week low on Friday after US nonfarm payrolls did not rise as much as expected, although bullion was still on course to register its biggest weekly decline since March.

Spot gold jumped 1% to $1,889.27 per ounce by 1:46 p.m. EDT (1746 GMT), having earlier in the day hit its lowest since May 19 at $1,855.59. It was down 0.7% for the week so far.

US gold futures settled up 1% at $1,892.