Gold price today at Rs 48,700 per 10 gm, silver climbs to Rs 50,000 a kg

In New Delhi, the price of 22-carat gold rises to Rs 47,500 per 10 gram, and in Chennai to Rs 46,780

Gold prices on Thursday jumped to Rs 48,700 from Rs 48,450 per 10 gram, while silver climbed to Rs 50,020 from Rs 49,200 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 47,500 per 10 gram, and in Chennai to Rs 46,780. In Mumbai, the rate was Rs 46,600, according to the Good Returns website. The price of 24-carat gold prices in Chennai was at Rs 50,990. 

On MCX, August gold futures jumped 0.74 per cent to Rs 49,159 per 10 gram. Silver July futures also climbed to Rs 51,382 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 futures in the US had crossed the $1,800-an ounce mark earlier, but for the first time in 8 years, even the spot price was above $1,800. The international bullion were trading higher for the fourth straight session on expectations of more stimuli from the Federal Reserve to combat the effect for the second wave of Covid-19 cases. Cases in the US have crossed the 3-million mark. 

Gold smuggling in India has declined as a lack of international flights thwarts grey market operators and serves to boost the premium legal importers can charge, industry officials said on Wednesday. Dealers, speaking on condition of anonymity, said the reduced supply of smuggled gold had driven Indian spot prices to a premium this week for the first time this year, adding to bullish sentiment on the gold market.

Indian gold futures hit an all-time high of 49,045 rupees per 10 grams on Wednesday, taking gains to 25% in 2020 so far after they rallied by a quarter in the whole of 2019.