Gold price today fall to Rs 47,250 per 10 gm; silver at Rs 48,450 per kg

In New Delhi, the price of 22-carat gold is Rs 46,050 per 10 gram, and in Chennai the price is at Rs 45,370

Gold price today fell to Rs 47,250 from Rs 47,350 per 10 gram, while silver slipped to Rs 48,450 from Rs 48,500 per kilogram on Saturday, according to the Good Returns website.

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

On MCX, August gold futures fell 0.07 per cent to Rs 47,334 per 10 gram, accordint to media reports.

In New Delhi, the price of 22-carat gold is about Rs 46,050 per 10 gram, while in Chennai it is Rs 45,370. In Mumbai, the rate is Rs 45,400.

In the international market, gold was trading with gains at $1,734 per ounce, while silver was flat at $17.62 per ounce.

"Spot gold for 24 carat in Delhi was trading up by Rs 153 on positive international gold prices and rupee depreciation," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

The rupee settled 5 paise lower at 75.84 (provisional) against the US dollar on Friday as volatile domestic equities and sustained foreign fund outflows weighed on investor sentiment, on Friday.

In view of the disruption in the wake of the Covid-19 crisis, jewellers have urged the government to extend the next year's deadline for mandatory hallmarking.

The Centre, in November last year, had announced that hallmarking of gold jewellery and artefacts would be made mandatory across the country from January 15, 2021. The government had given jewellers more than a year to shift to hallmarking and register themselves with the Bureau of Indian Standards (BIS), and they would be allowed to sell only hallmarked jewellery and artefacts made of 14, 18 and 22 -carat gold.

Any violation would attract penalties and imprisonment.