Gold price today at Rs 49,150 per 10 gm, silver climbs to Rs 53,000 a kg

Gold prices on Thursday jumped to Rs 49,150 from Rs 48,950 per 10 gram, while silver climbed to Rs 53,000 from Rs 52,120 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 47,950 per 10 gram, and in Chennai to Rs 47,130. In Mumbai, the rate was Rs 47,900, according to the Good Returns website. The price of 24-carat gold prices in Chennai was at Rs 51,290. 

On MCX, August gold futures climbed 0.20 per cent to Rs 49,159 per 10 gram. Silver September futures jumped to Rs 53,058 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.

Gems and jewellery exports showed signs of revival in June after two months of bleak business during the lockdown.

Silver is fast catching up with the rally in the gold during this calendar year and, in fact, has outperformed the yellow metal since the start of this financial year. 

On Wednesday, silver turned the most expensive since September 2013. With 3 per cent goods and service tax, the wholesale price of silver adds up to Rs 53,760. Gold in the physical market price closed at Rs 49,053 per 10 gram. In the international market, silver was trading at $19.30 an ounce and gold at $1,807.93 an ounce.

In India, the price of silver has increased 33.2 per cent since the beginning of April and 7.4 per cent only in July. However, year-to-date, the price of gold has surged 25.5 per cent and silver is up 11.9 per cent.