Gold prices today at Rs 49,050 per 10 gm, silver jumps to Rs 52,210 a kg

Gold prices on Tuesday jumped to Rs 49,050 from Rs 49,010 per 10 gram, while silver climbed to Rs 52,210 from Rs 52,000 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 47,850 per 10 gram, and in Chennai to Rs 46,960. In Mumbai, the rate was Rs 48,000, according to the Good Returns website. The price of 24-carat gold prices in Chennai was at Rs 51,240. 

On MCX, August gold futures climbed 0.58 per cent to Rs 49,148 per 10 gram. Silver September futures jumped to Rs 53,048 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.

Gems and jewellery exports showed signs of revival in June after two months of bleak business during the lockdown.

Even as at $1,647.49 million, the exports in June 2020 were 34.72 per cent less than $2,523.74 million reported a year ago, this figure was much better than that in May ($570 million) and April (said to be much lower, though the data has not been released).

According to the preliminary data provided by the Gem and Jewellery Export Promotion Council (GJPEC), exports of gems and jewellery declined 54.79 per cent YoY to $ 2.75 billion during the April-June period. Gold jewellery exports in June were down 40.72 per cent YoY to $237.05 million; for the quarter, the decline was 79 per cent to $1,536.57 million.

The overall import of gems and jewellery between April and June this year was worth $915.14 million, 74.81 per cent less than $3,632.87 million reported in the corresponding period a year ago.