Gold prices today at Rs 55,610 per 10 gm, silver at Rs 67,110 a kg

Gold prices Monday rose to 55,610 from Rs 55,600 per 10 gram, while silver climbed to Rs 67,110 from Rs 67,100 per kg, 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 51,010 per 10 gram, and in Chennai to Rs 50,490. In Mumbai, the rate was Rs 50,960, according to the Good Returns website. The price of 24-carat gold price in Chennai was Rs 55,060 per 10 gm. 

On MCX, October gold futures fell 0.26 per cent to Rs 52,016 per 10 gram. Silver September futures was at Rs 67,067 per kg. 

Multi Commodity Exchange of India (MCX) is all set to launch the country's first bullion index, Bulldex, on August 24.

As the global economy suffered due to the Covid-19 pandemic, the impact started showing up in gold, a commodity that can be considered its bellwether. Gold prices and demand have to a great extent been markers of the path where the economy is headed. While gold prices started firming up in 2019 itself, the yellow metal became the costliest ever in history and touched $2,067/oz on August 6, 2020. 

Prices have softened to less than $2,000/oz now. Prices in India have also reached record levels. The pandemic also affected gold demand. India’s consumer demand for gold was less than a third of its position a year ago, as prices went up more than 50 per cent.

Meanwhile, Exchange-traded funds backed by physical gold and silver accumulated more than $50 billion of bullion this year. ETFs now hold more gold than every central bank with the exception of the Federal Reserve.