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Gold price today at Rs 48,450 per 10 gm, silver trending at Rs 65,000 a kg

In New Delhi, the price of 22-carat gold is at Rs 44,410 per 10 gm, while in Chennai it fell to Rs 42,580

Topics
Gold Prices | Silver Prices | Gold Price

BS Web Team  |  New Delhi 

Gold

on Tuesday rose to Rs 48,450 for 10 gm from Rs 47,180 and silver price trending at Rs 65,000 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 44,410 per 10 gm, while in Chennai it fell to Rs 42,580. The rate in Mumbai was Rs 44,200 according to the website. The price of 24-carat gold in Chennai was Rs 46,460 per 10 gm.

Gold was marginally lower by Rs 15 to Rs 44,949 per 10 gram in the national capital on Monday amid muted trading and tepid global trends, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 44,964 per 10 gram.

Silver also dipped by Rs 216 to Rs 64,222 per kilogram from Rs 64,438 per kilogram in the previous trade.

"Spot for 24 carat in Delhi were down by Rs 15 on muted trading," according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.

In the international market, were little changed on Monday as a softer dollar countered pressure from gains on Wall Street driven by hopes for a swift economic recovery following strong U.S. jobs data.

Spot gold held steady at $1,729.20 per ounce, as of 12:14 p.m. EDT (1614 GMT). U.S. gold futures were little changed at $1,730.30.

The S&P 500 and the Dow hit record highs on data that showed the U.S. economy created the most jobs in seven months in March.

"As long as we've got this upbeat investor and trader risk appetite scenario, the gold and silver are probably going to languish at best and maybe continue to trend sideways to lower," said Kitco Metals senior analyst Jim Wyckoff.

The dollar weakened, making bullion less expensive for holders of other currencies.

"Stimulus is inflationary and potentially bullish for gold in the longer term, and also silver, but on the shorter term traders are focusing on the positive economic aspects of the stimulus package," Wyckoff added.

U.S. President Joe Biden's announcement of a long-awaited $2 trillion-plus job plan last week has fueled concerns over inflation

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First Published: Tue, April 06 2021. 07:29 IST
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