Gold price today fell by Rs 50 to Rs 50,890 from Rs 50,940 per 10 gm, while silver decreased by Rs 710 to trend at Rs 62,900 per kg, according to the Good Returns website.
Gold jewellery prices vary across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making changes.
In New Delhi, the gold price of 22-carat fell by Rs 300 to Rs 49,350 per 10 gm, while in Chennai it decreased by Rs 170 to Rs 47,840. In Mumbai, the rate fell by Rs 50 to Rs 49,890 according to the Good Returns website. The price of 24-carat gold in Chennai was also down by Rs 170 to Rs 52,220 per 10 gm.
On the MCX, December gold futures fell 0.86 per cent to Rs 50,328 per 10 gm. December silver futures were down 1.14 per cent to Rs 62,530 per kg.
In the international market, Gold prices eased as optimism about Pfizer's successful vaccine trials countered concerns over rising coronavirus infections and bets for further economic support.
Spot gold was down 0.3% to $1,872.38 per ounce. US gold futures settled down 0.6% at $1,873.90. Silver also fell 0.5% to $24.34 per ounce.
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.