Gold selling at Rs 46,700 per 10 gm, silver trending at Rs 72,000 per kg

Gold price on Tuesday rose to Rs 46,700 for 10 gm from Rs 46,590 and silver was at Rs 72,000 per kg, according to the Good Returns website.

Gold jewellery price varies across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making changes.

In New Delhi, the price of 22-carat gold is at Rs 46,870 per 10 gm, while in Chennai it increased to Rs 46,280. The rate in Mumbai was Rs 46,700 according to the website. The price of 24-carat gold in Chennai was Rs 50,480 per 10 gm.

Gold in the national capital on Tuesday was up by Rs 110 to Rs 46,870 per 10 gram in line with a rise in international precious metal prices and rupee appreciation.

In the previous trade, the precious metal had closed at Rs 46,700 per 10 gram. Silver also was up by Rs 400 to Rs 72,000 per kilogram from Rs 71,600 per kilogram in the previous trade. The rupee strengthened by 9 paise to 72.36 against the US dollar in opening trade on Monday.

In the global market, Gold prices on Tuesday traded near a five-month high scaled last week, supported by a softer dollar and growing inflationary pressures.

Spot gold was steady at $1,907.54 per ounce by 0048 GMT. Last week, gold prices hit their highest since Jan. 8 at $1,912.50. US gold futures edged 0.3% higher to $1,910.60 per ounce.The dollar index was down 0.3% against its rivals, making gold less expensive for other currency holders.