Gold price today falls to Rs 47,900 per 10 gm, silver at Rs 47,700 per kg

Gold prices on Sunday fell to Rs 47,900 from Rs 48,060 per 10 gram, while silver climbed to Rs 47,700 from Rs 47,600 per kilogram on Saturday, according to Good Returns website.

Gold jewellery price varies 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 is holding steady at Rs 46,700 per 10 gram, while in Chennai it is Rs 46,180. In Mumbai, the rate is Rs 47,250, according to the Good Returns website. The price of 24-carat gold prices in Chennai is Rs 50,390. 

On MCX, August gold futures jumped 0.76 per cent to Rs 48,305 per 10 gram. Silver July futures rose nearly 0.52 per cent to Rs 48,365 per kilogram. MCX has decided to accept gold and silver bars refined at domestic refineries for deliveries, subject to final regulatory approval.

Silver climbed to Rs 47,700 from Rs 47,600 per kilogram.

Gold prices witnessed their third consecutive weekly gain on Friday over worries of rising coronavirus infections worldwide, although a firm dollar and a gain in equities blunted safe-haven demand.

Spot gold was down 0.1 per cent at $1,758.95 per ounce as of 0557 GMT. The bullion has risen more than 1 per cent this week, with prices scaling a near-eight-year high of $1,779.06 on Wednesday. US gold futures fell 0.2 per cent to $1,767.20.

"The amount of money pumped in by governments definitely supports gold as a safe haven, with this Covid-19 situation still around," said Brian Lan, managing director at Singapore dealer GoldSilver Central, amid low interest rates globally. The dollar has pared a large part of this week's losses.

Asian stock markets ground higher, but are set to end the week little changed as surging COVID-19 infections offset encouraging economic data.