Gold price today: Rs 47,075 per 10 gm; silver at Rs 49,540 per kg

The gold price today for 24-carat gold in New Delhi fell to Rs 47,150 from Rs 47,700 per 10 gram. Gold rate in Chennai is Rs 49,170 and Mumbai Rs 46,950

Gold price on Tuesday rose from Rs 47,043 to Rs 47,075 per 10 gram, while silver was recorded at Rs 49,540 per kilogram, according to India Bullion and Jewellers Association (IBJA).

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

On MCX, July silver futures were down 0.21 per cent to Rs 50,505 per kg, said media reports.

According to website goodreturns.in, the price for 24-carat gold in New Delhi fell to Rs 47,150 from Rs 47,700 per 10 gram. Gold rate in Chennai is Rs 49,170 and Mumbai Rs 46,950.

The price of 22-carat gold is about Rs 45,950 in New Delhi per 10 gram while in Chennai, the price is at Rs 45,070. In Mumbai, it is Rs 45,950.

On Tuesday, the website had recorded the 24-carat gold price at Rs 46,950, a down of Rs 120 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. According to goodreturns.in, the price of silver today was recorded Rs 50,160 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.

Globally, the gold-silver ratio hit a historical high of 117 last week. Silver offers a good opportunity to earn high returns. 

On Tuesday, the yellow metal firmed as investors sought a hedge against the economic fallout from the coronavirus pandemic and uncertainties stemming from tensions between Washington and Beijing and protests across the US.

Spot gold was up 0.1 per cent at $1,741.65 per ounce while the US gold futures rose 0.2 per cent to $1,753.30.

"People know they need to be invested in the US equity markets ... but they also need that gold exposure because there's so much uncertainty," Michael Matousek, head trader at US Global Investors, told the Reuters.

Reflecting investor sentiment, holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.5 per cent to 1,128.40 tonnes on Monday, the highest in seven years.