You are here: Home » Markets » Commodities » Precious Metals
Business Standard

Gold price stable at Rs 46,690 per 10 gm, silver drops to Rs 69,000 a kg

In Mumbai, the gold price stayed at Rs 45,690--the same as yesterday, according to the Good Returns website

Gold Price | Silver Prices | Precious metals

BS Web Team 

Photo: Reuters
In New Delhi, the price of 22-carat gold fell by Rs 350 to Rs 45,550 per 10 gm

Gold price on Friday remained unchanged at Rs 46,690, while silver price fell by Rs 600 to trend at Rs 69,000 per kg, according to the Good Returns website. Gold jewellery prices vary across India, the second-largest consumer of the metal, due to differing excise duty, state taxes, and making changes in different states. In New Delhi, the price of 22-carat gold fell by Rs 350 to Rs 45,550 per 10 gm, while in Chennai it inched down to Rs 43,800. In Mumbai, the rate stayed at Rs 45,690--the same as yesterday, according to the Good Returns website.

The price of 24-carat gold in Chennai was down by Rs 160 to Rs 47,780 per 10 gm. In the international market, Gold prices fell to their lowest in more than seven months on Friday, on course for their worst week since the end of November, as rising US Treasury yields eroded the non-yielding bullion's appeal.

Spot gold fell 0.4 per cent to $1,769.03 per ounce by 0250 GMT, having touched its lowest since July 2 at $1,759.29 earlier in the session. Prices have declined 3 per cent so far this week.

US gold futures slipped 0.6 per cent to $1,765.30.

"US bond yields have been rallying quite strongly in the last week, and there's growing momentum that they can lift further as US and global growth recovers more quickly as vaccines roll out," said Lachlan Shaw, National Australia Bank's head of commodity research.

Benchmark US Treasury yields hovered close to a near one-year high hit earlier in the week. Higher yields increase the opportunity cost of holding bullion, which pays no interest.

Gold's decline came despite an unexpected rise in US jobless claims last week.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, February 19 2021. 06:22 IST