Gold price today at Rs 55,100 per 10 gm, silver at Rs 68,010 a kg

Gold prices Monday rose to Rs 55,100 from Rs 55,090 per 10 gram, while silver climbed to Rs 68,010 from Rs 68,000 per kg, 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 51,160 per 10 gram, and in Chennai to Rs 51,010. In Mumbai, the rate was Rs 51,230 according to the Good Returns website. The price of 24-carat gold price in Chennai was Rs 55,660 per 10 g. 

On MCX, October gold futures fell 1.33 per cent to Rs 52,227 per 10 gram. Silver September futures was at Rs 67,171 per kg. 

Multi Commodity Exchange of India (MCX) is all set to launch the country's first bullion index, Bulldex, on August 24.

"MCX iCOMDEX Bullion Index Futures contracts, expiring September, October and November, will be available for trading with effect from August 24," the commodity exchange said in a circular. 

Meanwhile, India's gold imports, which have a bearing on the current account deficit (CAD), plunged 81.22 per cent to $2.47 billion (about Rs 18,590 crore) during April-July period of 2020-21 due to a significant fall in demand in the wake of Covid-19 pandemic, according to data from the Commerce Ministry.

Imports of the yellow metal stood at $13.16 billion (about Rs 91,440 crore) in the corresponding period of 2019-20.

Similarly, silver imports during the first four months of the current financial year also dipped 56.5 per cent to $685.32 million (about Rs 5,185 crore). India is the largest importer of gold, which mainly caters to demand of jewellery industry. In volume terms, the country imports 800-900 tonnes of gold annually.

Gems and jewellery exports declined by about 66.36 per cent to $4.17 billion in April-July 2020.