Gold price today: Rs 46,290 per 10 gm; silver at Rs 47,000 per kg

The gold price today for 24-carat gold in New Delhi is Rs 47,810 per 10 gram

The gold prices today fell again for the fifth straight day from Rs 46,799 to Rs 46,290 per 10 gram, while silver price was recorded at Rs 47,000 per kilogram, according to India Bullion and Jewellers Association (IBJA).

The gold futures too dropped to 0.55 per cent on Wednesday as the country remained in lockdown to curb the spread of coronavirus.

The gold jewellery prices vary across India - the second largest consumer of the metal - due to excise duty, state taxes and making charges.

According to website goodreturns.in, the price for 24-carat gold in New Delhi was Rs 47,810 per 10 gram. Gold rate in Chennai was Rs 48,090 and Rs 46,850 in Mumbai, respectively.

The price of 22-carat gold is about Rs 46,000 in New Delhi per 10 gram while in Chennai, the price is at Rs 44,310. In Mumbai, it is Rs 45,850, as recorded on Wednesday.

Meanwhile, the rates of silver also fell Rs 800 on Wednesday, according to goodreturns.in website. The price of silver per kilogram across the country was Rs 47,900.

On Tuesday, the 24-carat gold rate was Rs 46,900, down Rs 100 from its previous day.

The lowest record of gold rate in April stood at Rs 41,670, though the overall performance was rising.

The gold-to-silver price ratio has witnessed erosion in values, with the white metal showing some strength following improved demand on lower price and stock scarcity amid lockdowns globally.

The ratio, which indicates how much silver can be bought for one ounce of gold, had tested 124 levels in March this year following weakening silver demand because of the economic slump. In the past few decades, hardly two times the ratio has touched or exceeded 100.

On global front, the gold dropped to its lowest in two-weeks on Wednesday as hopes of quick economic recovery drove investors towards riskier assets, although US-China tensions over Hong Kong put a floor under bullion prices. While the spot gold was down 0.6 per cent at $1,700.30 per ounce, US gold futures fell 0.8 per cent to $1,691.80.

"The positive story seems to be easing of restrictions and (that) there will be some sort of rebound in economic activity... but, there is (also) a lot of negativity. Tension between the US and China is a huge risk," said DailyFx currency strategist Ilya Spivak.

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