Gold price today: Rs 47,010 per 10 gm; silver at Rs 50,110 per kg

The gold price today for 24-carat gold in New Delhi is Rs 47,510 per 10 gram. Gold rate in Chennai is Rs 49,160 and Mumbai Rs 47,010

3 min read Last Updated : Jun 01 2020 | 7:05 AM IST

Gold price rose from Rs 47,000 to Rs 47,010 per 10 gram, while silver was recorded at Rs 50,110 per kilogram, according to website goodreturns.in.

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 the website, the price for 24-carat gold in New Delhi is Rs 47,510 per 10 gram. Gold rate in Chennai is Rs 49,160 and Mumbai Rs 47,010.

The price of 22-carat gold is about Rs 45,710 in New Delhi per 10 gram while in Chennai, the price is at Rs 45,090. In Mumbai, it is Rs 46,010.

ALSO READ: Gold prices hit two-week low on optimism around reopening of economies

On Friday, the website had recorded the 24-carat gold price at Rs 47,000, up Rs 50 from previous day.

The lowest record of gold rate past month stood at Rs 45,300 on May 12, and highest price touched Rs 47,600 on May 20.

Meanwhile, the rates of silver kept on increasing per kilogram. The price of silver today was recorded Rs 50,110 per kilogram across the country.

The price of silver jumped by 3.33 per cent in Mumbai's spot Zaveri Bazaar on Saturday to hit the highest in six-and-a-half years as investors booked the white precious metal as an alternative to gold.

In the spot Zaveri Bazaar, silver added Rs 1,615 to trade at Rs 50,050 a kg (without GST) on Saturday from Rs 48,435 a day earlier. This price level in rupee value was not seen after October 2013.

ALSO READ: Silver surges 3% to trade at Rs 50,000 a kg, its highest in over six years

With factors supporting the uptick in gold price starting to wane, silver has suddenly become a preferred choice for investors.

Globally, the gold-silver ratio hit a historical high of 117 last week. Silver offers a good opportunity to earn high returns. With gold stagnating at $1,700-1,750 an oz, silver prices moved up to trade at $17.84 a oz. A sharp increase in silver prices brought gold-silver ratio to 93.

On Friday, gold rose 1 per cent as caution set in with investors awaiting US President Donald Trump's response to a Chinese national security law for Hong Kong and its impact on the world economy.

On Wednesday, gold had dropped to its lowest in two weeks as hopes of quick economic recovery drove investors towards riskier assets, although US-China tensions over Hong Kong put a floor under bullion prices.