Gold jumps to Rs 54,700 per 10 gm, silver at record high of Rs 71,500 a kg

Gold prices jumped on Thursday to Rs 54,700 from Rs 53,750 per 10 gram, while silver climbed to Rs 71,500 from Rs 65,050 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 52,450 per 10 gram, and in Chennai to Rs 53,010. In Mumbai, the rate was Rs 53,400 according to the Good Returns website. The price of 24-carat gold prices in Chennai was at Rs 57,820. 

On MCX, August gold futures jumped 1 per cent to Rs 55,098 per 10 gram. Silver September future was at Rs 71,893 per kilogram on Tuesday. MCX has decided to accept gold and silver bars refined at domestic refineries for deliveries, subject to final regulatory approval.

MCX said in a statement it has received Sebi's approval for the launch of Gold Mini options with Gold Mini (100 grams) bar as underlying.

Gold advanced to a fresh record beyond $2,000 an ounce  in the international market, as investors assessed increased geopolitical risks and the prospect for further stimulus to combat fallout from the Covid-19 pandemic.  Bullion is up almost 35 per cent this year, with its haven status enhanced by sliding US real yields. 

The precious metal, which has soared more than 30 per cent this year, is benefiting from heightened uncertainty around the long-term effects of the global health crisis. Weakness in the dollar, which fell back towards recent two-year lows, and falling US yields have encouraged investors to look for an alternative store of value - boosting the appeal of gold.