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

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

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.

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, April 02 2021. 06:57 IST