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Gold price today at Rs 47,790 per 10 gm, silver trending at Rs 63,600 a kg

In New Delhi, the price of 22-carat gold is at Rs 43,800 per 10 gm, while in Chennai it fell to Rs 42,380

Topics
Gold Prices | Silver Prices | Gold market

BS Web Team  |  New Delhi 

gold, gold price, gold rally
Gold rallied by Rs 881 to Rs 44,701 per 10 gram in the national capital on Thursday.

Gold price on Friday rose to Rs 47,790 for 10 gm from Rs 47,180, while silver price was trending at Rs 63,600 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 43,800 per 10 gm, while in Chennai it fell to Rs 42,380. The rate in Mumbai was Rs 43,370, according to the website. The price of 24-carat gold in Chennai was Rs 46,200 per 10 gm.

Gold rallied by Rs 881 to Rs 44,701 per 10 gram in the national capital on Thursday following a sharp recovery in global precious metal prices, according to HDFC Securities.

In the previous trade, it had closed at Rs 43,820 per 10 gram. Silver also gained Rs 1,071 to Rs 63,256 per kilogram from Rs 62,185 per kilogram in the previous trade.

In the international market, Gold rose over 1% on Thursday on a retreat in the dollar and U.S. bond yields, while grim jobless data raised prospects for a slower economic recovery and more stimulus that could spur demand for bullion as an inflation-hedge.

Spot gold rose 1.2% to $1,727.52 per ounce by 10:38 a.m. EDT (1438 GMT), after touching its lowest since March 8 at $1,677.61 on Wednesday. Most will be closed for Good Friday on April 2. U.S. gold futures gained 0.7% to $1,728.30 per ounce.

The number of Americans filing new claims for unemployment benefits unexpectedly rose last week, the Labor Department said.

"The higher initial claims than were expected could lead to more stimulus and a slower recovery," said Phillip Streible, chief market strategist at Blue Line Futures in Chicago, adding a weakening dollar and softer yields are helping prices. The dollar index marched back from a five-month high hit in the previous session, making gold less expensive for other currency holders. Benchmark U.S. Treasury yields also eased.

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First Published: Fri, April 02 2021. 06:57 IST
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