In New Delhi, the gold price of 22-carat gold is at Rs 48,350 per 10 gm, while in Chennai it fell to Rs 46,600
Gold price today jumped to Rs 52,750 from Rs 52,420, while silver price was trending at Rs 66,000 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 gold price of 22-carat gold is at Rs 48,350 per 10 gm, while in Chennai it fell to Rs 46,600. In Mumbai, the rate was Rs 48,430 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 50,880 per 10 gm.
Gold prices fell Rs 108 to Rs 48,877 per 10 gram in the national capital on Wednesday as rupee appreciation capped upside in the price of the precious metal, according to HDFC Securities.
Gold prices in the national capital dipped Rs 369 to Rs 48,388 per 10 gram on Thursday tracking weak global trends, according to HDFC Securities.
In the previous trade, it had closed at Rs 48,757 per 10 gram. Silver also declined Rs 390 to Rs 64,534 per kg, from Rs 64,924 per kg in the previous trade.
In the international market, Gold prices inched lower on Thursday as U.S. Treasury yields rebounded on bets of a sizeable stimulus from incoming U.S. President Joe Biden, although concerns about rising inflation limited bullion’s losses.
Spot gold fell 0.2% to $1,840.55 per ounce, while U.S. gold futures slipped 0.8% to $1,840.10. Reports that Biden could announce a $2 trillion coronavirus relief aid plan later in the day, pushed benchmark 10-year Treasury yields near ten-month highs, and helped lift the dollar.
“Fiscal stimulus will help boost economic recovery, leading to rising real interest rates as well as bring up Federal Reserve’s tapering hopes; on the flip side, it’ll also increase the inflation outlook,” said DailyFX strategist Margaret Yang.
So, gold will be struggling around these price levels as the stimulus will have both positive and negative impacts on it, she added.