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Gold Price up by Rs 10, Reaches Rs 49,960; Silver Plunges by Rs 1,000

News18
·2-min read

The price of 24-carat gold today rose by Rs 10, from Rs 49,950 per 10 gram to Rs 49,960 per gram. On the other hand, 22-carat gold on Thursday costs Rs 48,960 per 10 gram, according to Good Returns. The price of 22-carat yellow metal yesterday stood at Rs 48,950 per 10 gram.

In Delhi and Mumbai, 24-carat gold is coming at a price of Rs 53,680 per 10 gram and Rs 49,960 per 10 gram, while 22-carat yellow metal can be purchased at Rs 49,210 per 10 gram and Rs 48,960 per 10 gram.

The prices of 22-carat and 24-carat gold in Chennai are Rs 48,350 per 10 gram and Rs 52,740 per 10 gram. In Kolkata and Bengaluru, the cost of 24-carat yellow metal stands at Rs 52,650 per 10 gram and Rs 52,020 per 10 gram, while 22-carat gold can be bought at Rs 49,740 per 10 gram and Rs 47,690 per 10 gram.

In Kerala and Ahmedabad, 22-carat gold costs Rs 46,710 per 10 gram and Rs 49,140 per 10 gram, while the prices of 24-carat yellow metal are Rs 50,960 per 10 gram and Rs 51,540 per 10 gram.

October gold futures dropped 0.55 per cent on the Multi-Commodity Exchange (MCX), reaching Rs 50,404 per 10 gm, reported Business Standard. According to HDFC securities, the precious metal yesterday fell by Rs 26 in the national capital, touching Rs 51,372 per 10 gram. The decline in price was witnessed amid weak global prices and rupee appreciation. In the previous trade, spot gold prices (24-carat) also slipped by Rs 26.

On Wednesday, rupee settled at 73.76 (provisional) against the US dollar, rising by 10 paise. This appreciation in value was supported by positive domestic equities.

Sale of gold may pick up in India in the festival season. Besides, as the COVID-19 has hit the investors’ sentiments, it is also possible that they may move towards the yellow metal as it is considered a safe investment.

According to Good Returns, the price silver dwindled from Rs 61,000 per kilogram to Rs 60,000 per kilogram. On the MCX, silver December futures stood at Rs 59,919 per kg.