Gold price today: Rs 47,496 per 10 gram, silver at Rs 48,360 per kg

In New Delhi, gold price today of 24-carat gold is Rs 47,450 per 10 grams, while 22-carat is retailing at Rs 46,250, up Rs 50 from the previous day

Gold prices in India dipped on Friday to Rs 47,496 from Rs 47, 571 per 10 grams, while silver rates rose marginally to Rs 48,360 from Rs 48,352 per kg, according to Indian Bullion and Jewellers Association. 

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

In New Delhi, 24-carat gold price added Rs 40 to trade at Rs 47,450 per 10 grams, while 22-carat was retailing at Rs 46,250, up Rs 50 from the previous day. In Chennai 24-carat was selling for Rs 49,650 for 10 grams, 22-carat at 45,510. In Mumbai 10 grams of 22-carat gold was priced at Rs 46,100 while 24-carat at Rs 47,100. 

On MCX, August gold futures were up 0.04 per cent to Rs 47,355 per 10 gram. Silver July futures was down 1.19% per cent to Rs 47,861 per kilogram. MCX has decided to accept gold and silver bars refined at domestic refineries for deliveries, subject to final regulatory approval.

In international market, gold eased on Thursday after data showed lower jobless claims in the United States and on reports Beijing was bringing its latest coronavirus outbreak under control, but mounting infections globally limited losses for the safe-haven metal.

Spot gold fell 0.2% to $1,723.23 per ounce by 12:30 p.m. ET (1630 GMT). U.S. gold futures shed 0.3% at $1,730.10.

"Gold is giving up earlier gains due to some positive reports from Beijing that they have contained the outbreak," said Edward Moya, senior market analyst at broker OANDA.

"The jobless claims data is getting better. The economic situation might be getting better at last."

Initial claims for state unemployment benefits in the United States dropped for the 11th straight week, pushing claims further away from a record 6.867 million in late March.

However, the pace of U.S. labor market recovery appeared to have stalled.

In China, fears over a 'second wave' of the pandemic eased somewhat, as a medical expert said Beijing has brought its latest outbreak under control.

Still, mounting infections worldwide continued to inspire safe-haven buying of gold, driving the precious metal close to a one-week high early in the session. Safe-haven appeal also limited gold's decline despite competition from other safe havens such as the U.S. dollar.

"Ongoing risks to the global economic recovery, especially with regards to recent spikes in virus cases in both the U.S. and China continue to underpin (gold's) price action. However, a lack of physical demand is likely to see gold hold $1,700-$1,750 over the near term," MKS PAMP said in a note.