Gold prices at Rs 49,950 per 10 gm, silver rises to Rs 58,950 a kg

Gold prices jumped on Thursday to Rs 49,950 from Rs 49,100 per 10 gram, while silver climbed to Rs 58,950 from Rs 55,400 per kilogram, 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 48,750 per 10 gram, and in Chennai to Rs 47,850. In Mumbai, the rate was Rs 48,700, according to the Good Returns website. The price of 24-carat gold prices in Chennai was at Rs 52,200. 

On MCX, August gold futures climbed 1.11 per cent to Rs 50,078 per 10 gram. Silver September futures jumped to Rs 61,115 per kilogram. MCX has decided to accept gold and silver bars refined at domestic refineries for deliveries, subject to final regulatory approval.

MCX received the approval of Sebi for the launch of Gold Mini options with Gold Mini (100 grams) bar as underlying, MCX said in a statement.

Gold import in the calendar year 2020 (CY20) is expected to fall 50 per cent to nearly a 17-year low because of lacklustre demand since the Covid-19 outbreak in March and record-high prices. Experts estimate only 350 tonne of gold import this year, matching the 2003 figure.

The pandemic and lockdown have severely affected the jewellery industry and changed demand equations. 

"Spot gold prices for 24 karat in Delhi hit a new record high rallying by Rs 430, reflecting gains in international prices," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

In the international market, gold was trading higher at USD 1,855 per ounce and silver at USD 21.80 per ounce. Gold witnessed sharp buying with spot international prices rallying above USD 1,850 per ounce on Wednesday, he added. "Surge in coronavirus cases in the US has boosted safe-haven demand for the precious metals," Patel said.