Gold price today jumps to Rs 47,470 per 10 gm; silver at Rs 48,720 per kg

Gold price today of 22-carat gold is about Rs 46,270 per 10 gram in Delhi, while in Chennai it is Rs 45,540

Gold price jumped to Rs 47,470 from Rs 47,370 per 10 gram, while silver went up to Rs 47,720 from Rs 47,710 per kilogram on Monday, according to the Good Returns website.

The prices of gold jewellery vary across India — the second-largest consumer of the metal — due to excise duty, state taxes, and making charges.

In New Delhi, the price of 22-carat gold is about Rs 46,270 per 10 gram, while in Chennai it is Rs 45,540. In Mumbai, the rate is Rs 46,020.

On MCX, August gold futures fell 0.17 per cent to Rs 47,334 per 10 gram, according to media reports. MCX has decided to accept gold and silver bars refined at domestic refineries for deliveries, subject to final regulatory approval.

The move will widen the present delivery list, which is limited only to the London and Emirates gold and silver bars, and help increase the delivery volumes of these metals.

"We are planning to include serially-numbered gold and silver bars from domestic refiners which meet the specified quality standard of the London Bullion Market Association (LBMA) and that of the Emirates gold bars," MCX said in a statement on Sunday.

Gold exchange traded funds saw net inflows of Rs 815 crore in May as investors preferred safe haven options amid stock market volatility and the coronavirus crisis.

The category has been one of the better performing asset classes since last year. Since August 2019, gold ETF segment has received net inflows of Rs 3,299 crore.

According to latest data available with the Association of Mutual Funds in India (Amfi), a net sum of Rs 815 crore was pumped into gold-linked ETFs in May, much higher than the net Rs 731 crore infused in April.