Gold price today at Rs 50,520 per 10 gm, silver trending at Rs 68,600 a kg

Gold price on Wednesday fell to Rs 50,520 for 10 gm from Rs 50,620 and silver price is trending at Rs 68,600 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 46,300 per 10 gm, while in Chennai it fell to Rs 44,500. The rate in Mumbai was Rs 44,980 according to the website. The price of 24-carat gold in Chennai was Rs 48,550 per 10 gm.  

Gold in the national capital on Tuesday fell by Rs 305 to Rs 46,756 per 10 gram in line with a fall in international precious metal prices and rupee appreciation, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 47,061 per 10 gram. Silver also dipped Rs 113 to Rs 67,810 per kilogram from Rs 67,923 per kilogram in the previous trade. The rupee advanced by 23 paise to 74.64 against the US dollar in opening trade on Tuesday. 

Gold imports during March surged to 160 tonnes on account of duty cut to 7.5 per cent, reduction in prices of the precious metal and rise in demand in export markets, Gem and Jewellery Export Promotion Council (GJEPC) said on Tuesday.

The gold imports during March 2019-20, stood at 28.09 tonnes, according to the GJEPC data.

GJEPC noted that the surge in gold import is mainly due to the rise in demand for gem and jewellery products from exports markets like the US, UK following lockdown relaxation, the wedding season in India, improved business and consumer sentiments and as well a recent sharp drop in gold prices.

In the global market, Gold gained on Tuesday as a rise in U.S. Treasury yields stalled and the dollar steadied near multi-week lows.

Spot gold was up 0.4% to $1,775.46 per ounce by 11:36 a.m. EDT (1536 GMT), after hitting $1,789.77 on Monday, its highest level since Feb. 25. US gold futures climbed 0.3% to $1,775.60.

US Treasury yields eased and held in a narrow range as investors awaited further market developments, while the dollar index steadied near its lowest level in about seven weeks.