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Gold price today jumps to Rs 50,410 per 10 gm, silver at Rs 68,700 a kg

In New Delhi, the price of 22-carat gold was at Rs 46,210 per 10 gm, while in Chennai it declined to Rs 44,700

Topics
Gold Prices | Silver Prices | Gold market

BS Web Team  |  New Delhi 

gold, gold price, gold rally
Gold prices on Friday declined Rs 163 to Rs 46,738 per 10 gram in the national capital.

Gold price on Monday jumped to Rs 50,410 from Rs 50,400, while silver climbed to Rs 68,700 per kg, according to the Good Returns website.

Gold jewellery prices vary across India, the second-largest consumer of the metal, due to differing excise duty, state taxes, and making changes in different states.

In New Delhi, the price of 22-carat gold was at Rs 46,210 per 10 gm, while in Chennai it declined to Rs 44,700. In Mumbai, the rate fell to Rs 46,160, according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 48,730 per 10 gm.

Falling for the fifth consecutive day, on Friday declined Rs 163 to Rs 46,738 per 10 gram in the national capital amid rupee appreciation, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 46,901 per 10 gram. Silver, however, gained Rs 530 to Rs 67,483 per kg, from Rs 66,953 per kg in the previous trade.

In the international market, Gold rebounded above the $1,800 psychological level on Friday, helped by a retreat in the dollar and data showing slower-than-expected growth in U.

S. employment underpinning the need for additional financial support. Spot gold climbed 0.8% to $1,807.21 per ounce.

"Gold continues to primarily take its lead from the dollar and we expect this to remain the case in the coming sessions," said Suki Cooper, analyst at Standard Chartered.

"Beyond the near term, we believe the outlook remains constructive for gold given the fiscal stimulus is likely to result in large U. S. twin deficits."

Making gold cheaper for holders of other currencies, the dollar retreated 0.4%. Gold is considered a hedge against inflation and currency debasement likely spurred by widespread stimulus.

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First Published: Mon, February 08 2021. 06:36 IST
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